Tether, the largest stablecoin network by market capitalization, is now live on Algorand 2.0, a permissionless, pure proof of stake blockchain platform. Tether is the first stablecoin to leverage the technology released in Algorand 2.0 and will provide instant confirmation, micropayments, and automatic wallet support.
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 the blockchain.
“A key strength of Tether is that it is underpinned by a rich diversity of 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.”
– Paolo Ardoino, CTO at Tether
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.
“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. 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.”
– Steve Kokinos, CEO of Algorand Inc.
In addition to Algorand, Tether also works with Ethereum, EOS, Liquid Network, Omni and Tron.