The Tether website announces that the most popular and controversial dollar-backed USDT is now going to be released on yet another blockchain.
Fifth platform to launch Tether
Until now, USDT has been issued on four different platforms. The most recent ones to be used for this was Tron when it proudly released Tron-USDT in spring this year and EOS.
Prior to that Tether had partnered with Omni and Ethereum, the second biggest cryptocurrency platform.
Now, USDT is coming to Algorand. Omni and Algorand are the only blockchains on this list whose coins are trading well beyond the top 100 list, and even out of the top 1,000.
New partnership for Tether
The Tether CTO, Paolo Ardonio, told Coindesk that the crypto startup is very much excited at the opportunity to team up with a new cryptocurrency platform.
Extending Tether into the Algorand ecosystem is a fantastic opportunity for us to further contribute to blockchain interoperability and collaboration.
Tether is preferred among other stablecoins
Despite the fact that USDT is not the only dollar-pegged coin in the crypto market, still, it is the most popular one among traders.
It is used by investors for moving crypto between various crypto exchanges without having to convert them back into USD. Besides, exchanges themselves utilize Tether for transferring crypto between each other to avoid delays with banks.
Recently, there has been an incident with Tether when it accidentally, due to an error with decimals, as the company’s management pointed out in a Twitter post, minted $5 bln USDT when a token swap was happening between two ledgers.
Remembering about the controversial reputation of Tether (and its unofficial partner Bitfinex, who shares the management team with Tether), many in the crypto community accused Tether of laundering money.
The issued coins were destroyed immediately.