The world’s largest stablecoin by market valuation, Tether (USDT) is launching on EOS blockchain, Bitfinex CTO Paolo Adoino says. This is to supplement eosfinex, a decentralized cryptocurrency exchange built on the EOS protocol, Adoino said.
Tether-EOS and other partnerships
Tether is currently operating on Omni, Ethereum and Tron and while the stablecoin is doing well on these platforms, Adoino says the launch on EOS is necessary, citing the highly awaited launch of eosfinex as the reason.
“One of the main reasons is that we need it for eosfinex. Since it is a on chain exchange we need Tether EOS to offer EOS/USDt 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,” he said.
He further mentioned that the company is already in talks with Blockstream to launch Tether on Liquid by year end and also launch it on Lightning Network at the same time. Launching on several blockchains according to Ardoino is crucial in making stablecoins successful.
Bitfinex’s choice of EOS couldn’t have come at a better time as EOS has been doing pretty well on the market and just got listed on Coinbase.com yesterday, making it available for use by Coinbase customers worldwide except for UK and State of New York residents.
Bitfinex has many plans
Despite the ongoing case against Bitfinex and Tether, the two seem to be forging ahead regardless. Bitfinex, in particular, has so far launched its IEO platform Tokinex, and followed it up with its first IEO for “smart commodity-money” digital asset Ampleforth (AMPL). With the plans to launch eosfinex, a decentralized crypto asset exchange, the company may be earning a place in the cryptocurrency space as a major player which it really needs after all the controversies surrounding its activities.