Tether has announced that its euro-pegged stablecoin, EURt, will be available on the Bitstamp exchange.
The euro-pegged stablecoin, will provide a liquid, stable and trusted means of obtaining exposure to the single European currency to Bitstamp’s users⬇️https://t.co/4EWhCzavCr pic.twitter.com/wL9WKAn76J
— Tether (@Tether_to) July 21, 2021
Bitstamp is in fact a European crypto exchange, born even in 2011 as a European alternative to the then dominant Mt.Gox, which was based in Japan and also served the US market in particular.
It has its registered office in Luxembourg, and its operational headquarters in Great Britain, and allows trading of bitcoin and other cryptocurrencies in fiat currencies, such as EUR, GBP and USD, or in stablecoins such as USDT, USDC and PAX. Now EURt will also be added to these, which will therefore allow the purchase and sale of cryptocurrencies in a stablecoin anchored to the value of the euro.
According to the data published on the official website of Tether, to date only 40 million EURt tokens have been issued, against 62 billion USDt, also because it is a relatively young token.
Each single EURt has and will always have more or less the value of 1 €.
EURt on Bitstamp
The news was released today, and for now the new EURt trading pairs have not yet been launched on the exchange. However, it should be a matter of days if not hours.
Bitstamp Chief Product Officer Miha Vidmar says accessing EURt will save users of the exchange time and money, without reducing their purchasing power.
In fact, until now, those who wanted to exchange crypto in stablecoins could not do it in euros, so in the case, for example, of European users who wanted to collect euros, they would have to sell the stablecoins before being able to withdraw them. Now they can simply exchange EURt for euros, or withdraw EURt directly.
Almost all EURt tokens issued to date have been issued on the Ethereum blockchain, while a very small part are on Omni. Still no one appears to have been issued on Tron, or on other blockchains.
It should be noted that the main competitor of EURt, or Stasis Euro (EURS), has still reduced trading volumes , mainly concentrated on the 1inch DEX, and partly on Cryptology. That is, to date it is not widely used on any large centralized exchange.
Bitstamp, on the other hand, is among the top 35 crypto exchanges in the world by trading volume, ahead of, for example, also Uniswap, the main DEX in the world.