Tether, the firm behind the crypto market’s largest stablecoin USDT, has announced that its popular stablecoin has now launched on the Algorand blockchain. Tether made the announcement in a press release published on Feb 10.
Tether’s USDT is the world’s first stablecoin to launch on Algorand 2.0. Describing Algorand 2.0 as the world’s first permissionless, proof of stake (POS) blockchain, the press release states that Algorand will be very beneficial to Tether.
With the new development, Tether promises that block confirmation time will now be less than four seconds. In addition to that, transaction fees will be a fraction of a percent. Tether expects that this will significantly promote blockchain use for micropayments.
According to Tether CTO Paolo Ardoino, the partnership between the two will directly impact the USDT community. Ardoino said:
“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.”
Algorand 2.0 boasts of scalable decentralized financial (DeFi) applications that can be tailored as needed for different possible uses. Some of the features that come with Algorand 2.0 include standard assets, smart contracts, and atomic transfers.
In June last year, Algorand ran a token sale that raised $60 million.