Stablecoin issuer, Tether has partnered with Algorand to launch its USDT stablecoin on the blockchain platform.
According to a Monday Press Release, Tether’s launch of USDT on Algorand allows the stablecoin issuer to leverage the innovative elements of blockchain offered on Algorand 2.0 (a recently implemented upgrade to the blockchain) to make USDT more widespread.
Among the said elements the USDT issued on Algorand will enjoy includes instant confirmation of all transactions on the network, performing micropayments and automatic wallet support.
The new version of USDT was created using Algorand’s “Standard Asset” technology which enables reduces the time of block confirmations to less than four seconds with little to no fees to encourage micropayments such the one USDT was designed to facilitate.
Commenting on the development, Paolo Ardoino, Chief Technology Officer (CTO) for Tether reportedly 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.
Algorand Inc. CEO Steve Kokinos on his part described Tether’s decision to issued USDT as a game-changer and one that could potentially benefit projects working on decentralized finance (DeFi).
Meanwhile, USDT’s issuance on Algorand means the blockchain platform has added its name to the list of network’s housing the industry’s largest stablecoin. Last year, Coinfomania also reported Tether’s launch of USDT on the Tron network.