Leading stablecoin operator Tether launched its U.S. dollar-backed stablecoin USDT on the Algorand proof-of-stake blockchain.
In a press release on Feb. 10, Tether announced that USDT on Algorand will feature confirmation times as low as four seconds and transaction fees of a fraction of a percent.
"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."
Per the release, Tether is the first stablecoin that launched on Algorand's blockchain.
USDT has already launched on Ethereum, EOS, the Liquid Network, Omni and Tron.
USDT is the leading stablecoin on the market and as of press time it has a market value of $4.6 billion and reports a 24-hour trading volume of $46.1 billion according to CoinMarketCap.
Major financial institutions including central banks and major technology and financial services firms have entered the stablecoin space.
In March, Cointelegraph reported that six international banks have reportedly signed letters of intent to issue their own stablecoins backed by their national fiat currencies on IBM's now-live blockchain-powered payments network, "World Wire.".
Tether Launches USDT Stablecoin on Algorand Blockchain
gepubliceerd op Feb 10, 2020
by Cointele | gepubliceerd op Coinage
Coinage
Vermeld in dit artikel
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.