Just like its USD counterpart, Tether Euros (EURT) bridge fiat currency with the Bitcoin blockchain along with the ability to use for SEPA transfer, debit card payments as well as trading EURT/USDT pairs over OmniDex.
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Tether: The Crypto-Fiat Bridge
Tether Inc. (tether.to) in conjunction with partner exchanges OpenLedger and Coinsbank have announced the launch of EURT, a “euro-coin” that is tradeable and transferable over the Bitcoin blockchain. Like USDT, which trades between half a million and a million USD a day on at least 5 exchanges, EURT is fully backed by a banking trust in Taiwan. This means that every EURT is pegs deposits to coins issued on 1-to-1 basis, meaning the EURT price will always equal to 1 euro.
In other words, EURT introduces fiat currency—digital cash—to the Bitcoin blockchain. This not only adds Bitcoin’s benefits to traditional currency such as instant global transactions but also provides users with the price stability of fiat. Thus, it is the most accessible, secure, fastest and cheapest way to transact with Euros.
“CoinsBank is able to offer EURT debit card support as another cryptocurrency for instant conversion,” Coinsbank CEO Ronny Boesing explained to Bitcoin.com. “In the case of CoinsBank you have your crypto on your wallet, and once you decide to pay or cash out, it is charged from your wallet and instantly converted to fiat.”
Tether currencies are issued using the Omni Layer protocol, which like the Bitcoin blockchain itself, is fully decentralized and allows low cost trading directly over the blockchain without a middleman.
The Cheapest Way to Move Fiat
Tether Euros provide the least expensive way to transfer digital assets priced in USD into euros. Tether EUR can be deposited on OpenLedger and credited for SEPA transfers, and on Coinsbank, an Edinburgh-based exchange and fintech solutions provider, for debit card payments. The OmniDex charges traders taking liquidity 0.05 percent of each trade, which will accrue to holders of the Omni cryptocurrency automatically.
Omni Foundation board member, Patrick Dugan, said:
We’re enabling price discovery and remittance for the world’s most liquid market over the Bitcoin blockchain, which means we can provide a very tight trading spread combined with the lowest exchange fees in the industry.
The supply of Tether Dollars has grown to just over $6.6 Million USD backed by bank deposits in Taiwan, and Tether Euros are being made available in conjunction with OpenLedger, which will provide SEPA transfer functionality on redemption. Meanwhile, OpenLedger will provide a decentralized exchange over Bitshares that complements Omni Layer’s Bitcoin-based platform with faster execution, and hosts all the major assets issue using Omni, including MaidSafe, Synereo, Agoras Tokens, as well as Tether.
Using this vehicle, the Omni Layer Foundation will engage market making in the EUR/USD pair across both decentralized exchanges and other exchange partners.
Tether is also integrating with Coinsbank, which will enable debit card payments for holders of Tether USD and EUR. Coinsbank averages over 2M USD in daily trading volume for Bitcoin against the euro, dollar and pound.
Do you think fiat-pegged crypto tokens help the Bitcoin ecosystem? Do you want to see more fiat currency pairs in the future? Let us know in the comments below!
Images courtesy of tether.to, ibtimes.co.uk