Tether Stablecoin Goes Live on Algorand 2.0

Capital Markets CIO Outlook | Thursday, March 19, 2020

The first stablecoin on Algorand's next-generation blockchain platform provides traders with a secure, stable, and reliable way of moving money globally.

FREMONT, CA: Tether, the blockchain-enabled platform powering the largest stablecoin by market capitalization has become the first stablecoin to go live on Algorand 2.0, the world's first permissionless, pure proof of stake blockchain platform. Tether is an innovative stablecoin that harnesses the innovation in Algorand 2.0, providing micropayments, instant confirmation, and automatic wallet support. Algorand users now will be able to have access to Tether in the form of the liquid, stable medium of exchange using the high speed, scalability, and transaction finality inherent to the Algorand platform.

Tether uses the Algorand Standard Asset (ASA) technology, one of the key features of the Algorand 2.0 upgrade. This usage makes it is feasible for the issuance and tokenization of any asset on the Algorand blockchain. Deployment of Tether on Algorand will benefit from block confirmation in less than four seconds. The transaction fees are a fraction of a percent that unlocks the opportunity for micropayments on the blockchain. "Tether believes that Algorand is showing signs of growing a cohesive community. Also, it is one of the most efficient blockchains in terms of transaction confirmation times. As Tether seeks to be agnostic among blockchains, we believe it is important for Tether to establish itself as the main stablecoin on Algorand," says Paolo Ardoino, CTO of Tether.

Paolo adds, "At the moment, we are exploring launching Tether on two other major blockchains. We can't disclose any further details regarding these projects at this time." Tether works with EOS, Ethereum, Liquid Network, Omni, and Tron, in addition to the collaboration with Algorand. Tether supports and empowers the growing ventures and innovation in the blockchain space. 

Tether is disrupting the legacy financial system by offering a more modern approach to money. The company facilitates businesses, including payment processing, exchanges, financial services, wallets, and ATMs, to easily use fiat-backed tokens on blockchains. By harnessing blockchain technology, Tether enables businesses to store, send, and receive digital tokens person-to-person, instantly, globally, and securely for a fraction of the cost of alternatives.

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