Tether USDT Token Goes Live On Algorand: Report

The Tether USDT token goes live on Algorand as per the latest reports that we have in our Tether news today. Tether launched a version of its stablecoin that is pegged to the dollar on Algorand and this represents the significant use of the platform’s standard asset specification.

The news was revealed in an announcement which was published by Tether only yesterday. Algorand itself was designed to act as a highly scalable blockchain which offers features such as fast confirmation times and low transaction fees. It also uses the ‘’pure proof of stake’’ and permissionless blockchain which aims to grant access to as many participants as possible to engage in consensus.

However, like many other cryptocurrencies, the native token of Algorand (ALGO), did not provide price stability and combined with Tether USDT token, can provide the best of both worlds according to the latest announcement. Algorand users will have access to Tether which is the most liquid and stable medium of exchange. Tether’s implementation of Algorand will benefit from the block confirmation in less than four seconds and transaction fees that will be lower than one percent, unlocking the opportunity for micropayments conducted on the blockchain.

Tether initially announced the plans to launch on Algorand back in 2019 in July but the decision seemed to have depended on features that were not present until the 2.0 upgrade of the blockchain which occurred in December. The arrival on the new blockchain represents another step forward for Tether and its blockchain expansion. USDT originated on the Bitcoin Omni layer back in 2014 and it has since gone live on a lot of other blockchains including EOS, Ethereum, and TRON.

Tether has also launched a few other stablecoins that were tied to assets to other than US dollars and the company even offers stablecoins backed by the EURO and the Chinese Yuan. Though Tether is extremely controversial because of the fact that it is difficult to audit in full, the company reportedly has about $4.6 billion worth of collateral under control which makes the Tether USDT token the most significant stablecoin so far. Tether’s decision to issue USDT on Algorand represents the first time the Algorand Standard Asset specification has been used in this way.