Tether (USDT), the largest stablecoin in the world, went live on Algorand 2.0, which is considered to be the world’s first permissionless, pure proof of stake (PoS) blockchain network. The information was released by the Algorand Foundation in an official press release on February 10.
Tether Goes Live On Algorand’s Blockchain Platform
As per the official press release, Algorand users will now be able to have access to Tether. This will be providing users with high speed, scalability and transaction finality. In addition to it, Tether is currently using the Algorand Standard Asset (ASA) technology.
The main advantage of this integration and the ASA technology is related to the fact that it makes it possible for tokenization and issuance of any type of asset using the official Algorand platform. At the same time, the blockchain confirmation time for transactions is currently around 4 seconds and transaction fees are minimal.
This is certainly useful for companies and individuals that want to perform micropayments using distributed ledger technology. Most of the crypto networks do not allow for micropayments to be processed as of yet, meaning that this could be a great opportunity to leverage the Algorand 2.0 blockchain platform.
Paolo Ardoino, the CTO of Tether, explained about this new collaboration with Algorand:
“Our latest collaboration with Algorand leverages the speed and security of Algorand’s protocol to give traders fast settlement and reduced counterparty risk in their fiat to digital asset transactions. Tether and Algorand both share a desire to keep building next-generation financial products and we feel our growing customer base will appreciate and benefit greatly from this collaboration.”
Meanwhile, Steve Kokinos, the CEO of Algorand Inc, explained that they are really excited about the fact that Tether has chosen them and the whole Algorand ecosystem to use their stablecoin. This will certainly be beneficial for the whole crypto community and the crypto market that are now searching for faster and unique solutions.
In addition to it, Tether is also working with Ethereum (ETH), EOS, Tron (TRX), Liquid Network and Omni. Tether is now being used by traders in the space to hedge against volatility in the market. Tether is now providing users with the possibility to exchange their USDT for a wide range of virtual currencies, including Bitcoin (BTC), Ethereum and Litecoin (LTC), among others.
Algorand is considered to be the first open-source, permissionless, pure PoS blockchain network in the market. With it, the cryptocurrency market is moving forward and adding more value to the whole ecosystem.