Milestone for DeFi: Stablecoin Tether launched on Algorand

  • The stablecoin Tether launched on the Proof-of-Stake Algorand platform.
  • On the Algorand platform Tether will allow instant confirmations, micro payments and will have automatic wallet support.

According to a press release dated 10 February 2020, the stablecoin Tether (USDT) launched on Algorand. According to the release, Algorand is the first blockchain platform based entirely on Proof-of-Stake (PoS) and Tether is the first stablecoin to benefit from Algorand’s services. Tether users on Algorand can process  instant confirmations, micro payments and receive automatic support for their wallets.

In addition, Tether users will also be able to benefit from Algorand’s high scalability and transaction speed. Tether will use one of the new features introduced by Algorand, the Standard Asset (ASA) technology. This feature allows Algorand users to issue and tokenize any type of asset. Along with this feature, Algorand allows confirmation of transactions in less than 4 seconds and enables, as mentioned, the use of micro-payments.

Tether’s CTO, Paolo Ardoino, was enthusiastic about the launch in Algorand and highlighted the diversity of the platforms that support Tether. Ardoino says:

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.

Algorand’s CEO, Steve Kokinos, is also excited the launch of Tether on Algorant. Kokinos hopes that Tether users will take advantage of the services offered by the platform, its support service and high security. Kokinos said:

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.

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Algorand states that there is a high demand for stablecoins such as Tether and for Decentralized Finance (DeFi) services and applications. In addition to Tether, Algorand supports Ethereum, EOS, Liquid Network, Omni and TRON.

According to Tether’s transparency website, the total circulating supply accounts for $4,570,221,867. About 34% is issued on the Omnni platform, 48% on Ethereum, 17.8% on TRON, 0.11% on EOS and 0.35% on Liquid.

Tether cements its partnerships with blockchain platforms

On the other hand, as reported by Crypto News Flash, Tether has continued to gain partners that supported and expanded its use cases. One of the most recent is the cooperation with TRON that will allow Pornhub users to pay for their subscriptions. As part of the agreement, Pornhub asked its users to download the TRONlink wallet.

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About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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