Tether, one of the known and widely used stablecoin will soon appear on the Algorand blockchain technology. This mechanism encourages open participation, security, and performance within a decentralized network.

It will provide the traders with a USD stablecoin option on Omni, Ethereum, Tron, EOS and shortly on the algorand blockchain.

Launching Tether on the Algorand ecosystem will enhance the interoperability and collaboration of the blockchain. It has the potentials to contribute to the forthcoming projects of the decentralized system.

Many traders and exchanges use this token to transfer funds without the need of any intermediaries. It has its own issues and drawbacks to deal with. Tether has never provided any proof that its coin is pegged in USD. It is claiming this for years but does not have any accounting audit to prove it.

Earlier in June, Bitfinex, the sister firm of Tether announced to launch USTD on the Lightning Network. The project is completely free, open-source, non-profit and community-oriented effort. The BHB Network was responsible for all the firms’ promotion.