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Stablecoin issuer Tether has announced that it has become the first stablecoin to go live on Algorand 2.0, a permissionless, pure proof of stake blockchain platform.
Founded in 2017, Algorand aims to remove the barriers to widespread blockchain adoption. It says that its first-of-its-kind, permissionless, pure proof-of-stake protocol, the Algorand protocol, supports the scale, open participation, and transaction finality needed by users to build opportunity and fulfill the promise of blockchain technology.
Algorand 2.0 is a major protocol upgrade that offers scalable, enterprise-grade solutions that can be customized as needed for real-world use cases. It enables features such as standard assets, atomic transfers and smart contracts all built into layer-1 of the protocol.
In its press release, Tether said that it will leverage Algorand 2.0 to provide instant confirmation, micropayments, and automatic wallet support.
In particular, Tether is using the Algorand Standard Asset (ASA) feature, which makes it possible to tokenize and issue of any type of asset on the Algorand blockchain. It will benefit from faster block confirmation (under four seconds) and lower transaction fees (fraction of a percent), thereby facilitating micropayments on blockchain.
In addition to Algorand, Tether also works with Ethereum, EOS, Liquid Network, Omni and Tron. Paolo Ardoino, CTO at Tether, said that one of the key strengths of Tether is that it is underpinned by 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,” he said.
With this, Algorand users will have access to Tether with the high speed, scalability and transaction finality inherent in the Algorand platform.
"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," said Steve Kokinos, CEO of Algorand Inc. "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."
Just recently, Monerium entered into a non-exclusive partnership with Algorand and said that it will issue its regulated and programmable e-money on the Algorand blockchain protocol.
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