Leading stablecoin operator Tether launched its U.S. dollar-backed stablecoin USDT on the Algorand proof-of-stake blockchain.
Leading stablecoin operator Tether launched its U.S. dollar-backed stablecoin USDT on the Algorand proof-of-stake (PoS) 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. Tether chief technical officer Paolo Ardoino said:
“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.”
The latest platform to host USDT
Per the release, Tether is the first stablecoin that launched on Algorand’s blockchain. So far, USDT has already launched on Ethereum, EOS, the Liquid Network, Omni and Tron (TRX).
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.”
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.