Tether Announces USDT on the EOS Blockchain
- Tether is going to issue USDT tokens on the EOS blockchain.
- Thanks to the high-speed nature of EOS, this new version of the stablecoin could become the most convenient one for traders.
In a press release shared on May 31 (via Cointelegraph) Tether announced the release of their stablecoin on the EOS platform. The support was made possible thanks to a partnership with Block.one, the parent company of EOS, and is to be released on EOSIO soon.
The announcement included information on the development of the Tether EOS smart contract, which was then committed to the “tethertether” EOS account and then peer-reviewed by EOS’ Canadian branch. As reported by members of the community, Tether EOS is very well-suited for peer-to-peer microtransactions, because of its high-speed, high-throughput Delegated Proof-of-Stake model.
Jean-Louis van der Velde, Tether’s Chief Executive Officer, added that the new partnership:
“is a further step towards blockchain interoperability and being on the forefront of this development is a fantastic feeling which further highlights our dedication to the maturation of the digital asset space.”
In addition, a new EOS-centric iFinex exchange named eosfinex will be launched. It will be built on top of the EOS blockchain and will most likely make heavy use of the new Tether token.
Further ecosystem support has been announced by exchange and wallet service Coinbase who confirmed that they will offer storage and trading support for the EOS-based token.
In the meantime, Tether is still in the middle of a case started by New York Attorney General Letitia James, who accused Tether and Bitfinex of cheating investors with an $850 million loss cover-up.
- The EOS Network Foundation is calling on the EOS community to opt-out from the proposed settlement as it “does not adequately compensate” for the losses caused by Block.one.
- Not only are the $22 million a tiny fraction of the $4 billion raised during the EOS ICO, but the settlement will also bar community members for filing future complaints against the company.
Image of an EOS crypto token. Bybit / Flickr
- PayPal USD (PYUSD) will be issued by Paxos and the Ethereum blockchain, and is backed by U.S. dollar deposits, short-term Treasuries, and similar cash equivalents.
- The company said the stablecoin can be redeemed for U.S. dollars at all times, and exchanged for any other crypto supported by the platform, including BTC, ETH, BCH, and LTC.
- The exchange is also waiving any fee on the conversion of USDT to USDC in order to stimulate the swap and make it frictionless.
- The move came only three months after rival exchange Binance started to auto-convert USDC to its own BUSD stablecoin.