Tether Creates Over 146 Mln New EUR, USD Tokens Based On Ethereum Blockchain

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Tether has minted almost 150 mln new euro and dollar-pegged tokens on Ethereum.

Tether has launched a fresh round of token creation, this month adding 86 mln euro-pegged EURT and 60.1mln dollar-pegged USDT to its issuance as Finance Magnates reports Feb. 15.

Both tokens are issued on Ethereum, with two wallets currently showing the ongoing activity as Tether continues to face mixed press following volatility.

Finance Magnates quoted an earlier announcement last September from Bitfinex sister exchange Ethfinex, the new tokens form part of a new collaboration bringing Tether to Ethereum.

“Following the widespread success of their Bitcoin-based USDTether, issued via the Omni Layer Protocol, Tether have now collaborated with Ethfinex on the development of the first Ethereum-based Tether, compatible with the ERC20 standard,” the announcement read.

“The ERC20 Tether allows for tokenised 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.”

Deposits and withdrawals of the tokens began Jan. 22, but little more in terms of detail has surfaced regarding the scale of issuance now or for the future.

Ethfinex now supports deposits and withdrawals of USD & EUR backed Tether, both as ERC20 tokens!https://t.co/wxoCFKVWMT

— Ethfinex (@ethfinex) January 22, 2018

Tether and Bitfinex unsettled markets several weeks ago when news of an existing subpoena request sent to both companies in December resurfaced in mainstream media.

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Author: William Suberg

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