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 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.
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, who 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.