Tether’s USDT Launches on Algorand PoS DLT, Promising to Be Game Changer for DeFi

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Mon, 02/10/2020 - 11:06
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    The Tether giant has partnered with yet another DLT platform for issuing USDT, aiming to offer its users benefits from the new PoS blockchain

Cover image via 123rf.com

Tether, the company powering the most famous stablecoin in the top ten list of digital assets, is spreading the word about its new strategic partner for issuing another version of USDT.

The press release shared with U.Today describes Algorand as a pure Proof-of-Stake-based blockchain platform which, now, Tether has launched its stablecoin on.

Tether hand-in-hand with Algorand

After partnering with other ledgers, such as Tron, Ethereum, etc, Tether has kicked off USDT on the Algorand blockchain platform. The partnership allows Tether to leverage the innovative elements of blockchain offered on Algorand 2.0 (a recently implemented upgrade to the blockchain), such as instant confirmation of transactions, performing micropayments and automatic wallet support.

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A game changer for DeFi?

In order to release the new version of USDT, Tether took advantage of ASA (the Algorand Standard Asset) technology introduced in Algorand 2.0. This tech feature will help reduce the time of block confirmations to less than four seconds. It also promises that funds transfers will incur only a tiny cost – just a fraction of a percent. This will allow for micropayments on this blockchain.

Tether’s top executive Paolo Ardoino said in an interview:

“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 CEO of Algorand Inc, Steve Kokinos, believes that Tether’s choice to use Algorand will make the new USD-backed coin a game changer for DeFi participants around the world.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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