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- According to the report, the top stablecoin operator Tether is now integrated as the first U.S. dollar-backed stablecoin USDT on Algorand blockchain.
- Tether is considered being the first stablecoin that launched on Algorand’s blockchain.
- Presently, the USDT is used mainly as a medium for trading with no prominent investment by those who are looking to use it as an authentic cryptocurrency.
According to the report, the top stablecoin operator Tether is now integrated as the first U.S. dollar-backed stablecoin USDT on Algorand blockchain.
During a press release on February 10, 2020, Tether announced its collaboration with Algorand that will leverage the speed and security of Algorand’s protocol to provide users fast settlement and reduced counterparty risk in the transaction of fiat to the digital asset.
With Tether‘s presence on Algorand, the block confirmation will be assumed less than four seconds, the transaction fees will also be a fraction of cent, that eventually improves blockchain opportunities for micropayments.
Tether is considered being the first stablecoin that launched on Algorand’s blockchain. However, USDT has already launched on Ethereum, the Liquid Network, Tron (TRX), and Omni. USDT is the leading stablecoin on the market with the market capitalization of $4,649,221,854 USD and a trading volume of $50,269,727,933 USD.
Presently, the USDT is used mainly as a medium for trading with no prominent investment by those who are looking to use it as an authentic cryptocurrency.
Twitter announcement
As per the latest tweet by Algorand, Tether is now fully integrated as the first stablecoin on Algorand. This makes the transactions go frictionless with quick confirmation, scalability, transaction finality, micropayments, and automatic wallet support.
Now live! @Tether_to is fully integrated as the first stablecoin on Algorand! Welcome to frictionless financial transactions on @algorand with instant confirmation, scalability, micro payments & automatic wallet support, and transaction finality. #Tether @bitfinex pic.twitter.com/ek7a9uER3K
— Algorand Technologies (@Algorand) March 22, 2020
Tether network trade under the USDT symbol
A blockchain-based cryptocurrency Tether (USDT), whose coins in circulation are supported by an equal amount of traditional fiat currencies. The tokens of the Tether network trade under the USDT symbol. Tether is a stablecoin which converts cash into digital currency and whose objective is to keep cryptocurrency evaluations steady.
The Algorand Blockchain
Aiming to build a borderless economy, Algorand is an open-source software company based on a pure proof-of-stake consensus protocol. This Boston-based blockchain supports transaction finality, open participation, security, and scalability.
Tether and Algorand objective is to keep building the next-gen financial products, the integration will benefit the growing customer base.
