Tether has launched USDT, its US dollar-backed stablecoin, on the Algorand proof-of-stake (PoS) blockchain.
The stablecoin operator announced the news in an official press release earlier today (10th Feb.), in which it also claimed USDT on Algorand will deliver confirmation times as rapid as 4 seconds and ultra-low, fractions of a percent, transaction fees.
Tether, which is also supported by Ethereum, EOS, the Liquid Network, Omni and Tron (TRX), is the first stablecoin to launch on Algorand. It is currently the world’s largest stablecoin, with a market value of around $4.6bn, and 24-hour trading volumes reaching $46.1 billion.
A couple of weeks ago, we reported Tether is now supporting gold-backed stablecoin Tether Gold – each of which represents the ownership of one troy fine ounce of physical gold.
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