Even with the mixed press with regards to Tether’s volatility, the cryptocurrency has moved to launch a fresh round of tokens. Tether will now be adding about 86 million tokens pegged to the Euro, dubbed EURT. In addition, another 60.1 million tokens pegged to the US dollar will also be added to its platform, adding to the 2.2 billion USDT already in existence.
The two new Tether tokens will be issued on Ethereum’s clockchain and will be available on Bitfinex and Ethfinex, as reported on Finance Magnet. According to a statement during the announcement, Tether had moved to collaborate with the new decentralized exchange, Ethfinex, with the aim of creating the two new Ethereum-based tokens that are ERC-20 compatible, after having succeeded with the USDT Bitcoin-backed tokens.
In response, Ethfinex also tweeted their support of the new Ethereum-based Tether tokens.
Already there have been some transactions of the new tokens as of January 22nd, but with evidently scarce details on the scale of future token supply by Tether. The Tether announcement further stated,
The ERC20 Tether allows for tokenized USD to be exchanged on the Ethereum network, enabling interoperability with Ethereum-based protocols and DApps whilst allowing users to transact with fiat currencies across the Ethereum Network.
Are Concerns About Bitfinex and Tether Over?
Tether and Bitfinex have been in the spotlight with concerns running high over an existing subpoena that was issued to both companies in December last year. For many crypto enthusiasts, the two entities have questionable development projects as the jury is still out on whether Tether’s USDT tokens are actually backed by real dollars.
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Do you think the move by Tether to launch two new tokens on the Ethereum Blockchain is a credible one? Share your thoughts and opinions in the comments section.