Tether Launches as the First Stablecoin on Algorand’s Next Generation Blockchain Platform
ROAD TOWN, British Virgin Islands, Feb. 10, 2020 /PRNewswire/ — Tether, the blockchain-enabled platform that powers the largest stablecoin by market capitalization, is live on Algorand 2.0, the world’s first permissionless, pure proof of stake blockchain platform. Tether is the first stablecoin to leverage the innovation released in Algorand 2.0 and will provide instant confirmation, micro payments and automatic wallet support.
Algorand users will have access to Tether, the most liquid, stable medium of exchange using the high speed, scalability and transaction finality inherent in the Algorand platform. In particular, Tether is using one of the key features of the Algorand 2.0 upgrade, the Algorand Standard Asset (ASA) technology, which makes it possible for the tokenization and issuance of any type of asset on the Algorand blockchain. Tether’s implementation on Algorand will benefit from block confirmation in under four seconds and transaction fees that are a fraction of a percent, unlocking the opportunity for micropayments on blockchain.
“A key strength of Tether is that it is underpinned by a rich diversity of different blockchains,” said Paolo Ardoino, CTO at Tether. “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.”
“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.”
As more institutions look to build decentralized financial applications, Algorand 2.0 offers scalable, enterprise-grade solutions that can be customized as needed for real-world use cases. Algorand 2.0 upgrades enable features such as standard assets, atomic transfers and smart contracts all built into layer-1 of the protocol.
In addition to the collaboration with Algorand, Tether also works with Ethereum, EOS, Liquid Network, Omni and Tron. Tether is driven to support and empower growing ventures and innovation in the blockchain space.
Created in October 2014, Tether was the first stablecoin in existence, and remained the sole stablecoin in the market until March 2018. Tether is disrupting the legacy financial system by offering a more modern approach to money. By introducing fiat currency-digital cash to the bitcoin and Ethereum blockchains, Tether makes a significant contribution to a more connected ecosystem by adding digital currency benefits, such as instant global transactions, to traditional currency and traditional currency benefits, such as price stability, to digital currency. With a commitment to full transparency and compliance, Tether is the most secure, fastest and lowest cost way to transact with money.
About Algorand Inc.
Algorand Inc. built the world’s first open source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. This blockchain, the Algorand protocol, is the brainchild of Turing Award-winning cryptographer Silvio Micali. A technology company dedicated to removing friction from financial exchange, Algorand Inc. is powering the DeFi evolution by enabling the creation and exchange of value, building new financial tools and services, bringing assets on-chain and providing responsible privacy models. For more information, visit https://www.algorand.com/
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SOURCE Algorand Foundation