US dollar-pegged stablecoin Tether on Wednesday announced that it will be launched on the Algorand blockchain.
This will be the fifth blockchain on which the stablecoin will be launched after Omni, Ethereum, Tron, and EOS.
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“Extending Tether into the Algorand ecosystem is a fantastic opportunity for us to further contribute to blockchain interoperability and collaboration,” Paolo Ardoino, chief technology officer at Tether, said.
“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 decentralized ecosystem and we eagerly await working closely with many of them in the future.”
Launched as RealCoin in 2014, Tether started trading on crypto exchanges the following year in February. The USD-pegged coin was soon adopted by many cryptocurrency exchanges to list other digital currencies against it. This allowed them to provide fiat-like trading services without following the harsh requirements of fiat-based trading.
The trading volume of Tether in the last 24 hours even surpassed the same figure for Bitcoin with a total volume of almost $28.5 billion, as seen on Coinmarketcap.com.
A controversial crypto
Though the digital currency dominates the market of stablecoin, it is ladened with controversies. The company was first accused of not maintaining enough USD in its currency chest. Tether, however, never released a third-party audit report to squash the outside claims. A lawyer of the company recently admitted that Tether only maintained 74 percent in USD in its accounts as of April.
The company’s reputation also tainted with the New York Attorney General’s allegations of providing a loan of $700 million to its sister company Tether.
Meanwhile, during a chain swap from Omni to Tron on Poloniex, Tether accidentally misprinted $5 billion worth of USDT. However, the company was quick enough to burn all the tokens immediately.