The leading stablecoin operator Tether has launched US dollar-backed stablecoin known as the USDT on the Algorand proof-of-stake (PoS) blockchain. In a February 10 press release, Tether said that USDT on Algorand would consist of confirmation times as low as four seconds. The transaction fee is sat at a fraction of a percent.
Paolo Ardoino, the Tether chief technical officer, 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.”
According to that press release, Tether became the first stablecoin to launch on Algorand’s blockchain. Up to today, USDT has already launched on Ethereum, Omni, EOS, Tron, and the Liquid Network.
USDT is the world’s leading stablecoin on the market. Currently, it has a market value of around $4.6 billion and reports a 24-hour trading volume of $46.1 billion, as published by CoinMarketCap.
Many major financial institutions, including technology and financial services companies, together with central banks, have joined the stablecoin space. In March 2019, reports emerged that six international banks had signed letters of intent to issue their local stablecoins.
All of these tokens will have a backing by the involved country’s national fiat currencies on IBM’s now-live blockchain-powered payments network, “World Wire.”
