Well-known stablecoin issuer Tether Inc. has announced it deployed stablecoins on Algorand blockchain, which is the world’s first permissionless blockchain platform.
According to an official announcement, Algorand users will get access to the Tether stablecoins in the foreseeable future.
Tether is reportedly using one of the main features of the Algorand 2.0 upgrade, including the Algorand Standard Asset (ASA) technology, which makes it possible to tokenize any type of asset on the Algorand network.
Tether is the first stable coin available on Algorand’s Next Generation Blockchain Platform.@Algorand users will have access to Tether and will benefit from fast transactions, unlocking the opportunity for micropayments on the blockchain. ⬇️https://t.co/MOnryDAvP0 pic.twitter.com/S8FOadnnh6— Tether (@Tether_to) February 10, 2020
Algorand Inc. CEO Steve Kokinos says the integration of the Tether stablecoin 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."
"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," added Kokinos.
Tether CTO Paolo Ardoino claims the 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.
Previously iHodl reported that a popular adult entertainment website Pornhub added the possibility of making payments with the stablecoin Tether (USDT) through the TRON wallet.
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