The CTO of Bitfinex, Paolo Ardoino has stated that the world’s biggest stablecoin, Tether is about to launch of the EOS blockchain. The addition of Tether on the EOS platform follows up from its release on the TRON blockchain network earlier in the year.
In a recent interview, the CTO stated that the main motive behind the team’s decision to push for the release of Tether on EOS is to supplement EOSFinex.
Back in February, Kasper Rasmussen, the marketing head at Bitfinex, announced the launch of the decentralised crypto asset exchange built on top of the EOS protocol, EOSFinex.
It’s hard to process fiat transactions or crypto-to-fiat pairs because of the lack of a centralised entity that looks over the platform.
The CTO spoke to CCN saying:
“One of the main reasons is that we need it for EOSFinex. Since it is a on chain exchange we need Tether EOS to offer EOS/USDT and crypto-to-stablecoin pairs on it. EOSFinex is one of the most awaited projects in the EOS community but we thought it would be good to start giving everyone the ability to build on Tether-EOS even before EOSFinex launch.”
Tether currently has a home on Ethereum, Omni and of course TRON. Ardoino stated that cross-chain support is vital for the long-term success of a stablecoin.
Ardoino says that the Bitfinex team is working with Blockstream in order to launch Tether on Liquid and to bring assets on the Lightning Network which he says that by the end of the year will see Tether launched on the LN by the end of the year.
He went on to say:
“Also Tether is currently on Omni, Ethereum, Tron and I have been quite vocal in the past about the importance of opening to multiple chains. We can’t hide behind the fact that communities are split among multiple projects, so I believe is our duty to serve the blockchains that have the most active communities and clearly that can meet our security standards in terms of issuance. I’m working with Blockstream to launch Tether on Liquid and as Bitfinex we are collaborating with the RGB protocol community to bring assets to LN (and so I hope that Tether will launch on LN by end of 2019).”
The decision to improve the interoperability of Tether comes after Bitfinex raised $1 billion for the utility token, LEO which was developed by the firm to “cover $900 million of the reported losses it suffered during its dealings with Crypto Capital Corp,” according to CCN.