Tether (USDT) Stablecoin Launches on the EOS Network
After plans to launch on the TRON (TRX) network, Tether will create a supply of stablecoins with EOS.
Tether (USDT) will expand to the EOS network, launching a supply of coins based on the EOS.IO protocol. The stablecoin, which already has representation on the Ethereum (ETH) network, was originally based on the Bitcoin OMNI layer, where most tokens were issued. The TRON-based launch saw delays, as Tether and Bitfinex faced a liquidity crisis.
“The Tether EOS smart contract was developed by Tether and has been deployed to EOS account tethertether, and peer-reviewed by EOS Canada,” explained the Tether issuer.
Currently, there is a total of 3.131 billion USDT in circulation, with additional coins added at a faster pace in the past weeks. There is no exact breakdown on how many USDT would exist on the various blockchains.
“We are delighted to be able to present the next step in the evolution of Tether”, commented Tether Chief Executive Officer Jean-Louis Van der Velde. “Combining the potential of both Tether and EOSIO 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.”
The USDT stablecoin still takes up more than 97% of the market, with the rest split among smaller stablecoins. The activity has fallen a bit, as each coin circulates through trading more than six times in 24 hours. USDT trading still supports more than 67% of all Bitcoin (BTC) activity and continues to flow into multiple altcoins.
The new EOS-based asset will be usable within the EOSFinex ecosystem. EOSFinex is a relatively new exchange, still building up its infrastructure. The launch of the exchange follows the building of ETHFinex, where Ether-based USDT is used. In theory, the USDT asset could move anywhere within the EOS ecosystem, including to other EOS-based decentralized exchanges. EOSFinex has been in operation since the end of March, but in a test phase.
The supply of Ethereum-based USDT has grown over the past months, slowly increasing to more than 650 million tokens. The Ethereum network also carries 100 million EURT, based on the Euro, but so far, the asset has remained unmoved since its generation.