Tether’s USDT Goes Live on Algorand

Tether has launched a version of its dollar-pegged stablecoin (USDT) on Algorand, representing the first significant use of Aglorand’s Standard Asset (ASA) specification.

The news was revealed in an announcement published by the stablecoin company on Feb. 10.

Algorand itself is designed to act as a highly scalable blockchain, offering features such as fast confirmation times and low transaction fees. It also offers “pure proof of stake” and a permissionless blockchain, aiming to allow as many participants as possible to engage in consensus.

However, like most cryptocurrencies, Algorand’s native token (ALGO) does not provide price stability. Combined with Tether, it can provide the best of both worlds, according to the announcement:

Algorand users will have access to Tether, the most liquid, stable medium of exchange … Tether’s implementation on Algorand will benefit from block confirmation in under four seconds and transaction fees that are a fraction of a percent,…