Leading stablecoin operator Tether launched its U.S. dollar-backed stablecoin USDT on the Algorand proof-of-stake blockchain.
In a press release on Feb. 10, Tether announced that USDT on Algorand will feature confirmation times as low as four seconds and transaction fees of a fraction of a percent.
"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."
Per the release, Tether is the first stablecoin that launched on Algorand's blockchain.
USDT has already launched on Ethereum, EOS, the Liquid Network, Omni and Tron.
USDT is the leading stablecoin on the market and as of press time it has a market value of $4.6 billion and reports a 24-hour trading volume of $46.1 billion according to CoinMarketCap.
Major financial institutions including central banks and major technology and financial services firms have entered the stablecoin space.
In March, Cointelegraph reported that six international banks have reportedly signed letters of intent to issue their own stablecoins backed by their national fiat currencies on IBM's now-live blockchain-powered payments network, "World Wire.".
Tether Launches USDT Stablecoin on Algorand Blockchain
Published on Feb 10, 2020
by Cointele | Published on Coinage
Mentioned in this article
New paradigm: Ethereum fees regularly surpass Bitcoin, and it's good for ETH
Fees on the Ethereum blockchain network are consistently surpassing Bitcoin and industry executives say it could spark a "New paradigm."
Price analysis 10/19: BTC, ETH, XRP, BCH, BNB, LINK, DOT, ADA, LTC, BSV
If the bulls can push and close the price above $395, it will complete an ascending triangle pattern.
Filecoin creator denies strike allegations
Juan Benet, the creator of blockchain-based data storage platform Filecoin, has called allegations that miners of its token have been on strike since last week "Nonsense."
This user lost $1m of top DeFi coin Aave by accident: here's why
Just recently, top Ethereum decentralized finance project Aave began transitioning its native token LEND to a new token called AAVE. LEND had become outdated as it was named after the project's predecessor, ETHLend, and lacked certain technical and economic functionalities.