Tether announced today that the Algorand blockchain will be hosting their stablecoin. As is well known, Tether is already supported by Ethereum, EOS, Liquid Network, Omni and TRON.
Tether is interested in expanding crypto adoption by equipping all exchanges and blockchains with a simple trading asset, reason why the choice has now fallen on Algorand 2.0, whose feature known as Algorand Standard Asset (ASA) allows tokenizing any type of asset. Furthermore, Algorand seems to be very fast in terms of block confirmations (4 seconds) and transaction fees are very low, which would make it perfect for microtransactions.
“A key strength of Tether is that it is underpinned by a rich diversity of different blockchains. 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”,
explained Paolo Ardoino, CTO of Bitfinex who had already secretly announced the news a few days ago during the private event organized by TerraBitcoin.
Steve Kokinos, CEO of Algorand, commented:
“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. Tether’s issuance of their asset on Algorand will be a gamechanger for global defi participants as it is one of the fastest and safest ways to move money around the world”.
Algorand has also recently entered into a partnership with the Ugo Bordoni Foundation to ensure that FUB uses this type of technology, which, it is worth remembering, uses the PPoS protocol with the aim of solving the famous “blockchain trilemma”, i.e. the simultaneous feasibility of scalability, decentralization and security.