Tether has continued its expansion into new blockchains by launching on the Algorand blockchain. The move comes during a two-year spell that has seen the stablecoin move from just being on the Omni blockchain to being on Ethereum, EOS, the Liquid Network, and TRON, as well as launching a gold-backed token last month.
Tether Falls for Algorand’s “Speed and Security”
Tether announced the move on Monday, with CTO Paolo Ardoino praising Algorand’s platform and claiming that the collaboration “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.”
Tether will take advantage of Algorand’s version 2.0 update, an upgrade that “significantly expands the range of decentralized applications (Dapps) and processes that can be built on the Algorand platform.” Hosting a major application like USDT is a feather in the cap for the platform, wirth Tether’s use catching many by surprise given Algorand’s low profile compared to other smart contract platforms.
Has Tether Overcome its Woes?
Tether is the oldest and most controversial stablecoin in the crypto space, with its failure to secure a legitimate audit and its close ties to the Bitfinex exchange a constant source of criticism. But the fact that it has not only come through numerous scrapes relatively unharmed but is now two years into an expansion plan shows that things at Tether towers seem better than ever.
Considering that many have predicted the demise of Tether for some time now, the fact that it is still trading at its set price of $1 is testament to its hardiness, especially given the ups and down in price it has experienced in recent years.
Given everything, its position as an ever-present in the top 10 and the fact that its market cap is more than ten times that of USD Coin, its nearest competitor, it’s fair to say that a great many people have faith that Tether will be around for some time to come.
