Blockchain platform Tether launches ‘Euro-Coin’

Announcements | August 17, 2016 By:

Tether has announced the launch of “Euro-coin” (EURT), a digital token backed by euros tradeable and transferable over the bitcoin blockchain.

Like USDT, which trades between half a million and a million USD a day on at least 5 exchanges, EURT is fully backed by a banking trust in Taiwan. This means that every EURT is pegs deposits to coins issued on 1-to-1 basis, meaning the EURT price will always equal to 1 euro.

Tether currencies are asset-backed tokens issued using the Omni Layer protocol. Unlike conventional currencies such as USD or EUR, USDT and EURT are assets that move on the blockchain, allowing for greater efficiency in currency conversion and money transfers. The Tether platform, which is still in beta, aims at providing an affordable alternative to expensive foreign currency exchanges by cutting out custodians and middlemen.

The launch of EURT comes simultaneously with the announcement of a new partnership with Coinsbank, an Edinburg-based exchange and fintech solutions provider, which will allow holders of Tether USD and Tether EUR to make debit card payments. Moreover, EURT can be deposited on OpenLedger and credited for SEPA transfers and on Coinbank for debit card payments.

Tether is a platform using blockchain technology to transfer conventional currencies.