A few hours ago Tether announced on Twitter the collaboration with the blockchain of Algorand.
To further pioneer collaboration and interoperability within the growing digital asset space, we are proud to announce the upcoming deployment of Tether on the @Algorand platform. https://t.co/fPKVqcL3JF
— Tether (@Tether_to) July 17, 2019
This will be the fifth blockchain to support Tether (USDT), after the previous Omni, Ethereum, TRON and EOS.
Giancarlo Devasini, CFO of Bitfinex, explained to The Cryptonomist:
“We are bringing Tether to different blockchains in order to increase its adoption and to remove any obstacle for users who want to use the most famous stablecoin in the world at any time, with practically immediate transactions and almost no cost”.
Algorand is a public, permissionless blockchain that uses the Proof of Stake (PoS).
As stated by the CTO of Tether and Bitfinex, Paolo Ardoino:
“Extending Tether into the Algorand ecosystem is a fantastic opportunity for us to further contribute to blockchain interoperability and collaboration. Algorand is an excellent team very much aligned with ours; we are proud to take this next step with them. We are very excited about the potential this enables for other projects in the decentralised ecosystem and we eagerly await working closely with many of them in the future”.
The Algorand platform is capable of more than 1000 TPS (transactions per second) and completing blocks in 5 seconds. Currently, the ALGO token is traded at around $0.60.
Tether is being airdropped on the TRON blockchain through a plan promoted by Raybo Technology, partner of the TRON foundation. For this airdrop, 30 million dollars will be donated to the owners of the Tron-based USDT cryptocurrency (TRC20 USDT). The airdrop is valid from July 15th to August 15th.