The Algorand Foundation is excited to share Tether’s announcement of their integration with the Algorand protocol. This is an important milestone in the progression towards a truly inclusive and borderless economy. Tether integration and deployment will deliver greater financial opportunity for all through a broad array of decentralized financial assets available on the Algorand platform.
Broad access to sophisticated financial instruments and assets is a minimum requirement for any stable, decentralized, and inclusive financial system. Fiat collateralized stablecoins, like Tether, promise a stable on-ramp to the crypto world for retail and institutional participants alike, and act as a necessary bridge between legacy financial ecosystems and the digital wave of the future.
To date, the broad adoption of stablecoins has been hindered by the performance of the underlying blockchain technology. Specifically, the scalability and transaction finality of most blockchain platforms is insufficient to support the speed required for mainstream adoption by businesses and end-users. The Algorand platform solves this issue with complete transaction finality, speeds in excess of 1,000 transactions per second, and block completion in under 5 seconds per block. This creates new opportunities for use and development that have not existed in previous stablecoin offerings. The availability of Tether on Algorand marks a significant leap forward in the potential for decentralized financial assets and instruments to form the backbone of the borderless economy.
“Extending Tether into the Algorand ecosystem is a fantastic opportunity for us to further contribute to blockchain interoperability and collaboration. Algorand is an excellent team very much aligned with ours; we are proud to take this next step with them. We are very excited about the potential this enables for other projects in the decentralised ecosystem and we eagerly await working closely with many of them in the future," commented Tether CTO Paolo Ardoino.
As the world’s most widely used stablecoin, Tether’s announcement of support for the Algorand Foundation will expand and increase what is possible on the Algorand blockchain. The foundation looks forward to continuing innovation and bringing new partnerships to the Algorand ecosystem.
Learn more at https://tether.to/tether-coming-to-algorand/