Tether Inc., a startup utilizing cryptocurrencies to represent fiat currencies, has launched EURT, a ‘euro-coin’ that is tradeable and transferable over the Bitcoin blockchain. Like its USDT which trades between half a million and a million a day across more than 5 exchanges, Tether promises that EURT is fully backed by a banking trust in Taiwan on a 1 to 1 basis of deposits to coins issued.
The supply of Tether Dollars has grown to just over $6.6 million backed by Taiwanese bank deposits, 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.
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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.” 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, which will enable debit card payments for holders of Tether USD and EUR. Coinsbank averages over $2 million in daily trading volume for Bitcoin against the euro, dollar and pound.