Tether (USDT) Moves to Algorand Blockchain
Algorand, one of the newest arrivals on the scene, attracted the attention of Tether surprisingly fast.
Tether (USDT) is aggressively branching out into new blockchains - becoming ubiquitous after appearing on the Ethereum (ETH), TRON (TRX) and EOS blockchains.
“By deploying Tether on Algorand, we take further steps to drive the potential of a blockchain-based ecosystem built around unconstrained, peer-to-peer value exchange.”
Algorand is a curiosity in the crypto space, where there is no lack of blockchains and platforms. The project and its ALGO asset were accepted by most major exchanges, including Binance. The reason was the solid backing from the project’s team, as well as the general idea of the need for a large-scale, permissionless proof-of-stake network.
“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,” said Tether CTO, Paolo Ardoino.
“We are very excited about the potential this enables for other projects in the decentralized ecosystem and we eagerly await working closely with many of them in the future.”
Algorand, in effect, has directly arrived where Ethereum is still struggling to reach, with a full PoS block creation mechanism and a decentralized consensus. Still, the project’s success and liquidity are a big question mark, especially after the general market returned to bearish indicators.
Tether has minted more than 3.95 billion coins in the total supply, based on CoinMarketCap reporting. It is still unclear if this accounts for the coins on all networks. Right now, the Omni supply of coins is still predominant, but Tether is starting a shift to Ethereum, and Binance is helping in the token swap.
ALGO has been significantly hurt by the latest sell-off of coins. The asset is down more than 30% this week, sinking toward $0.70 from a peak around $3.22 just as trading was starting at the end of June. ALGO could not keep up with the initial euphoria.