Tether launches as first stablecoin on Algorand’s blockchain platform
Tether, a blockchain-enabled platform that powers the largest stablecoin by market capitalisation, is live on Algorand 2.0, the world’s first permissionless, pure proof of stake blockchain platform.
Tether will now provide instant confirmation, micro payments and automatic wallet support.
Tether is using one of the key features of the Algorand 2.0 upgrade, the Algorand Standard Asset (ASA) technology, which makes it possible for the tokenisation and issuance of any type of asset on the Algorand blockchain. Tether’s implementation on Algorand will benefit from block confirmations in under four seconds and transaction fees that are a fraction of a per cent, unlocking the opportunity for micropayments on blockchain.
“A key strength of Tether is that it is underpinned by a rich diversity of different blockchains,” says Paolo Ardoino, CTO at Tether. “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.”
“We are excited that Tether has chosen to join the Algorand ecosystem and its stablecoin will benefit from technology that provides immediate transaction finality and security to support a strong and more stable defi economy,” says Steve Kokinos, CEO of Algorand Inc. “Tether’s issuance of their asset on Algorand will be a game-changer for global defi participants as it is one of the fastest and safest ways to move money around the world.”
As more institutions look to build decentralised financial applications, Algorand 2.0 offers scalable, enterprise-grade solutions that can be customised as needed for real-world use cases. Algorand 2.0 upgrades enable features such as standard assets, atomic transfers and smart contracts all built into layer-1 of the protocol.
In addition to the collaboration with Algorand, Tether also works with Ethereum, EOS, Liquid Network, Omni and Tron. Tether is driven to support and empower growing ventures and innovation in the blockchain space.