Tether Inc. in conjunction with partner exchanges has announced the launch of EURT, a “euro-coin” that is tradeable and transferable over the bitcoin blockchain.
By leveraging blockchain technology, Tether allows users to store, send and receive digital tokens pegged to dollars, euros, and yen person-to-person, globally, instantly, and securely for a fraction of the cost of any alternative. Tether currencies are issued using the Omni Layer protocol, which like the Bitcoin blockchain itself, are fully decentralized and allow low-cost trading with no custodian or middleman directly over the blockchain.
Like USDT which trades between half a million and a million USD a day across more than 5 exchanges, EURT is fully backed by a banking trust in Taiwan on a 1 to 1 basis of deposits to coins issued. According to the official release, 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 for debit card payments. The OmniDex charges traders taking liquidity just 0.05 percent of each trade, which will accrue to holders of the Omni cryptocurrency automatically.
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. OpenLedger provides 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.
“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”, Foundation board member Patrick Dugan, said.
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, an Edinburgh-based exchange and fintech solutions provider, who 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.
