Algorand is becoming new home of digital dollars as Circle signed agreement with algorand Foundation to bring USDC on algorand blockchain.
In this post we will se why digital dollars are joining the Algorand blockchain and how this can help Algorand to grow in future.
As of now two major DIGITAL DOLLARS according to market cap and popularity USDT & USDC join algorand foundation to bring multi chain USD in blockchain industry.
But before we began let’s look at what algorand is which will give an brief idea about algoramd who doesn’t know this project.
What is Algorand ???
Algorand is blockchain cryptocurrency project run by Algorand Foundation a non-profit organisation which is fast- scalable & permission less blockchain active in cryptocurrency market from more than one year currently stands at rank 48 in terms of market cap which is 160 million at current prices.
If you want to know more about
Algorand then visit there official websites,
Algorand Foundation
Algorand
USDT joins Algorand as first stable coin
USDT more commonly known as Tether has joined the Algrond blockchain as first stable coin in Feb. 2020 which is really an big achievement by Algorand as Tether is number one digital dollar in terms of market cap and also most famous digital dollar in the world.
Press release:- Tether Launches as the First Stablecoin on Algorand’s Next Generation Blockchain Platform
What is USDT ???
Tether is an 100% dollar backed digital currency active in cryptocurrency space from last 5 years which makes this project big in the market and at this time according to market this stable coin is at 3rd place after bitcoin and ethereum in the list as the stable coins are growing looks like it will overtake ethereum in coming years of there is no price surge in ethereum.
If you want to know more about USDT pls visit there official website,
Why USDT joins Algorand ??
USDT is already an multichain digital dollar as they are already present on , Omni blockchain, Ethereum, tron & also on liquid network.
So why they are joined Algorand blockchain ???
It all started with the launch of Algorand 2.0 when the blockchain is able to launch token on there own blockchain with the trust and all features of Algorand. Algorand is really fast which is 1500 transactions per second which really fast if you compare with ethereum which is currently capable of 12-15 transactions per second. Algorand is permission less blockchain which makes more simple fir other projects to join the blockchain. And all this comes with secure and low transactions fee which makes Algorand an great choice for Tether to join the blockchain.
USDC join the force of Algorand after USDT
Few days ago Circle signs agreement with algorand Foundation to bring USDC to Algorand blockchain which win - win situation for both projects. USDC is next biggest digital dollar in market cap after USDT which is government verified and working with full regulatory framework.
Press Release:-
By Circle :- USD Coin Comes to Algorand; Centre Announces Multi-Chain Framework
By Algorand :- Algorand Foundation and Circle Bring Digital Dollars Powered by USDC to Algorand Blockchain
what is USDC ??
USD Coin is digital currency operated by CIRCLE which is really big project they are trying to make global payment system with there digital currency, when you are using USDC then you are using fully secure ured asset because it is backed by US dollar with 1:1 ratios which make you trust when you are using USDC. There track record is 100% till now & looks like they will be in future.
why USDC join Algorand ??
Till now USDC is only available on ethereum blockchain, which is outdated at this time on ethereum the translation speed is slow , making cost is high , transaction fee is high sometimes more than you purchase or trade then it is really important for USDC to find an alternative to grow there ecosystems if they want to grow there platform world wide then here comes the solutions when then joins algorand blockchain high transactions speed which is 1500/sec which is really high compared to ETH , lower making cost, negligible transactions fee which is absolutely opposite of ethereum so to improve there USDC ecosystems they have joined the Algorand blockchain which solves all the problems of USDC at current senecio which is an great step by Circle.
How it will help Algorand to scale up in future ??
Stable coins are becoming more and more popular and the big chunks of this popularity is going to be cash in by top stable coins which are at the time available on Algorand blockchain, these stables coins now will bring more user base to transact millions worth of digital dollars using algorand blockchain which will increase the scalability of the blockchain and also it will increase the trust on the blockchain, people will prefer algorand over other blockchain as it is offering lower transaction fee and high transaction per second which is really awesome to look forward with algirand.
As so many projects showing there interests in algorand most of them are stable currency which will eventually make algorand hub of new digital currencies.
Thanks for your time,
@sumit1998