Tether has announced that its euro-covered stablecoin EURT will be available on the Bitstamp exchange.
Bitstamp is a cryptobourse that was founded in 2011 as a European alternative to the then dominant Mt. Gox, which was based in Japan and served mainly the American market.
It is based in Luxembourg and operates in the United Kingdom and allows trading with BTC and other cryptocurrencies in fiat currencies such as EUR, GBP and USD, or in stablecoins such as USDT, USDC and PAX. They will now be joined by the EURT, which will allow trade in cryptocurrencies at a stable exchange rate linked to the value of the euro.
According to data published on Tether’s official website, only 40 million EURT tokens have been issued to date, compared to 62 billion USDT tokens, in part because it is a relatively young token.
Each individual EURT token has and will always have a value of more or less 1 EUR.
EURT not only on Bitstamp
In addition to Bitstamp, Bitfinex also added new EURT pairs.
Specifically, Bitstamp stated that they currently offer are EURT / USD and EURT / EUR and a 90% discount on trading commissions for these couples until the end of the year.
Bitstamp’s Chief Product Officer, Miha Vidmar, says access to EURT will save exchange users time and money without reducing their purchasing power.
Until now, people who wanted to exchange crypto for stablecoins could not do so in euros, so if they were European users who wanted cash in euros, for example, they had to sell stablecoins. Now they can simply exchange EURT for euros or withdraw EURT directly.
Almost all EURT tokens released so far were issued on the ETH blockchain, while a very small number were issued on the Omni. No ones have been released on Tron or any other blockchain yet. It is worth noting that EURT’s main competitor, Stasis Euro (EURS), still has low trading volumes, focused mainly on DEX 1inch, and partly on Cryptology. In other words, it is not yet widely used on any large centralized crypto exchange.
Bitstamp, on the other hand, is among the top 35 cryptobourses in the world by trading volume.
He soon announced support for the CREAM Finance lending protocol. It will be the first Defi protocol with EURT support.