Home » Bitfinex CTO Reveals Stablecoin Tether To Launch On EOS Blockchain

Bitfinex CTO Reveals Stablecoin Tether To Launch On EOS Blockchain

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Tether Stablecoin

In an interview with a certain crypto site, Bitfinex CTO Paolo Ardoino stated that Tether, the world’s largest stablecoin in market valuation, will launch on the EOS blockchain protocol.

This release comes only a few months after Bitfinex announced that it is preparing eosfinex, an exchange for crypto and tokens, functioning with EOS contracts.

Tether Stablecoin To Supplement eosfinex

Ardoino stated that the key motive behind the team’s decision to push for the release of Tether on EOS is to supplement eosfinex.

In February, the company’s head of marketing, Kasper Rasmussen, announced the launch of eosfinex. On this platform, as with any other decentralized exchange, it is not easy to process fiat transactions or crypto-to-fiat pairs due to the lack of a centralized entity that oversees the platform.

Ardoino added, “One of the main reasons is that we need it for eosfinex. Since it is an on chain exchange, we need tether EOS to offer EOS/USD 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.”

At present, Tether supports several altcoins, namely THRON and Omni, and multiple-chain support is one of the main requirements for the survival of stablecoins and their distribution according to the CTO.

An extensive fundraising campaign on the company’s side preceded the decision to improve the capabilities and functions of Tether. Earlier this month, the company successfully raised $1 billion for the support and development of a token called LEO.

Mr. Ardonio stated that the successful completion of a private sale of this magnitude only shows that investors still have considerable trust in the company’s activities.

Adding EOS is in line with the recent listing of EOS token on Coinbase, the leading crypto exchange in the US. The recent developments around EOS mean that the digital currency will probably become a prominent interest point in the crypto world. The steady rise in price annually is another virtue of the cryptocurrency, as it has gained more than 188% of its value against the USD compared to last year.

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Basil Kimathi

Basil Kimathi

Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating fintech content for various media outlets around the globe. His work has been published on top websites such as usethebitcoin.com, European Blockchain Convention, BTCpeers, coinjournal.net, coinlist.me, and many others. When not thinking about disruptive technologies, Basil is busy exploring the outdoors.

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