Tether launches USDT token on Algorand blockchain

The Tether company is preparing to launch the steadlokoin USDT already on the fifth blockchain, which will be Algorand.

As reported in the news published on the website of the issuer of steablcoin USDT, Algorand will soon be added to the list of blockchains supporting Tether, in addition to Omni, Ethereum, Tron and EOS.

“The emergence of USDT in the Algorand ecosystem is a fantastic opportunity for us to make an additional contribution to the compatibility and cooperation of various networks. We are very pleased with the potential that is opening up for other projects in a decentralized infrastructure, and we look forward to working closely with many of them in the future, ”said Paet Ardoino, Technical Director of Tether.

Tether is widely used by traders to transfer money to and from cryptocurrencies, without having to exchange for dollars during each transaction. Cryptocurrency exchanges also use the USDT to transfer funds among themselves to avoid having to transfer large amounts through banks.

Despite widespread use, steyblecoin often finds itself at the center of conflicting situations. Tether has mistakenly released this week
5 billion USDT and immediately burned them. Despite repeated questions from users and regulators, Tether never conducted a full audit to prove that the USDT is fully backed by US dollars. At the same time, in the spring legal adviser Tether and Bitfinex acknowledged that only $ 74% of stablebcoin USDT was provided.

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In addition, in April this year, the New York Attorney General’s Office filed a complaint against Bitfinex and Tether, claiming that Bitfinex covered a loss of more than $ 850 million by borrowing funds from Tether’s reserves. And last week, the prosecutor’s office introduced
New evidence that the Bitfinex cryptocurrency exchange and Tether served New York customers for longer than they claimed.

Algorand project in June of this year brought together
more than $ 60 million in 4 hours through ICO. The test version of the blockchain platform was launched in April, and for the first time the Algorand project became known last winter, when MIT professor Silvio Mikali received $ 4 million to create an “improved blockchain”.