Algorand news

The Algorand Foundation has tapped Nikolaos Bougalis, a veteran cryptographer and former Ripple engineering lead, as its new chief technology officer, the company said in a press release Monday.

VersaBank is running a U.S. pilot testing tokenized dollar deposits (USDVB) on Algorand, Ethereum and Stellar. Each token represents a $1 deposit held at the bank and is issued via a digital vault and e-wallet. Unlike stablecoins, these bank-backed tokens are federally insured, can earn interest and will be regulated under banking rules. The pilot, expected to finish by end-2025, will test thousands of small-value transactions before seeking OCC approval for a public launch.

The Algorand Foundation unveiled a 2025‑up‑to‑2026 roadmap aimed at revitalizing its ecosystem and positioning the network as a user‑centric, real‑world economy platform. Central to the plan is the Project King Safety protocol, a redesign that will reconfigure fee mechanics and incentive structures to create a self‑sustaining, secure foundation with a paper slated for later this year. Governance will shift to a fully community‑led model by Q3 2025, with an on‑chain council deciding on grants and resource allocation, followed by a formal proposal and voting framework due by year‑end. Algorand will launch Algokit 4.0 in 2026, combining AI‑assisted coding with faster, modular smart‑contract development, updated storage, and expanded language support. The roadmap’s final thrust is tokenizing traditional finance, with a Q4 2025 MVP for debt and equity tools built on ACTUS standards, targeting an $18.9 trillion market by 2033.

Tether announced it will wind down USDT on Omni Layer, Bitcoin Cash’s Simple Ledger Protocol, Kusama, EOS, and Algorand, effective September 1, 2025, with all tokens frozen that day. The move follows a decline in usage of these legacy chains, which now represent only a small fraction of the $156 billion float. The firm will redirect support to Layer-2 networks such as the Lightning Network and newer blockchains offering faster settlement and richer developer tools. Token holders are urged to redeem or migrate their USDT via bridges or exchanges; the bulk of the supply remains on Tron and Ethereum.

Tether announced that, effective September 1, it will discontinue USDT redemptions on five legacy blockchains—Omni Layer, Bitcoin Cash SLP, Kusama, EOS (now Vaulta), and Algorand—after a phased withdrawal that began two years ago. The move is part of the company’s “infrastructure optimization” strategy to reallocate resources toward more active, scalable networks. CEO Paolo Ardoino said the step allows Tether to focus on platforms with higher developer activity and community engagement, which he said are key to future stablecoin adoption. The five chains had seen a steep decline in USDT usage and trading volume. Customers are urged to redeem or re‑issue their tokens on supported networks before the cutoff, with third‑party services available for non‑directly served holders. Tether will continue to pursue new integrations and prioritize Layer 2 solutions such as the Lightning Network for broader interoperability.

Tether announced that it will end USDT redemption and freeze remaining assets on Bitcoin Cash, Algorand, and three other legacy blockchains effective September 1. The move follows earlier terminations of minting on Algorand, EOS (Vaulta), Bitcoin Cash, Kusama, and Omni, and reflects the company’s strategy to streamline its infrastructure. Tether cited a sharp decline in trading volume on these networks, prompting a focus on high‑utility, actively developed chains. Holders of USDT on the five blockchains are urged to redeem their tokens or request issuance on a supported chain before the deadline. Looking ahead, Tether plans to concentrate on layer‑2 networks and growing ecosystems, prioritizing platforms with greater scalability and developer activity. This shift highlights a broader industry trend of consolidating stablecoin issuance onto fewer, more active blockchains.

Tether, the largest stable‑coin issuer, will phase out USDT on five legacy blockchains—Algorand, Bitcoin Cash, EOS, Kusama, and Omni—effective Sept. 1. Redemptions will be stopped and remaining tokens frozen as the company refocuses on higher‑scalability platforms. Users holding USDT on the discontinued chains must redeem or request new issuance on supported blockchains. Most of the $159 billion in circulation now resides on Tron and Ethereum, amid U.S. and EU regulatory scrutiny.

Algorand now holds more than two‑thirds of the tokenized stock market, with a total value beyond $268 million according to RWA.xyz, as the sector’s overall cap surpassed $400 million and attracted 48,000 holders and 38,000 monthly active addresses. The growth is largely driven by a single asset, EXOD stock from Exodus, which accounts for about 77 % of the market cap on Algorand and has been tokenized since mid‑2024. While the platform dominates the current share, other blockchains—Base, Ethereum and Arbitrum—support over 90 separate RWA assets each, although their tokenized caps are smaller. Those chains are expanding faster, with growth rates between 12 % and 44 % compared to Algorand’s 19 % monthly rise. Industry voices, including BlackRock’s Larry Fink, predict that tokenization of stocks, bonds and funds will accelerate dramatically by 2025, potentially reshoring the competitive landscape. Whether Algorand can maintain its first‑mover advantage remains uncertain as new entrants accelerate their launch of tokenized securities.

German tokenization protocol Midas has launched a tokenized U.S. Treasury bill on the Algorand blockchain, allowing investors to gain exposure to Treasury ETFs without a minimum investment. The mTBILL, which references short‑term U.S. Treasury ETFs, carries a net yield of about 4.06% as of May 29 and saw its first atomic swap on May 27 involving $2 million in USDC. By eliminating a minimum stake, the product seeks to attract retail investors who cannot access funds such as BlackRock’s BUIDL, which requires $5 million. Algorand’s foundation has said the assets will enter its DeFi ecosystem in the coming weeks. The launch comes amid a broader surge in tokenized money‑market funds, with managers like Fidelity, Franklin Templeton and BlackRock expanding their digital Treasury offerings.

FIFA Collect, the official digital‑collectibles platform of the International Federation of Association Football, is moving from Algorand to its own Ethereum Virtual Machine‑compatible blockchain, with the transition slated for no earlier than May 20. Users currently hold their soccer‑themed NFTs on Algorand, and no immediate action is needed to keep their collections intact. The change is meant to deliver better performance, enable future features and provide greater scalability, as noted in a FAQ. While the core user experience will remain the same, support for Algorand wallets such as Pera and Defly will end, and collectors will need to use EVM‑compatible wallets like MetaMask or Rabby. Earlier, FIFA Collect had also minted on Polygon, but the new chain will replace Algorand entirely. Algorand’s native ALGO token is trading near $0.22, about 5.5 % lower in the last 24 hours and almost 94 % off its 2019 all‑time high.