Cryptocurrency exchange Bitstamp is seeking to cash in on the increasing demand of stablecoins by adding support for tether stablecoin call in euros(EURT).
Bitstamp, a bitcoin exchange based in Luxembourg, has announced the launch of Tether’s first Euro-based stablecoin, EURt. The press release has dated the launch to 22nd July.
Users can trade stablecoin on both websites, i.e., bitstamp.net and Bitstamp app. Stablecoins have become highly popular in the crypto industry because they don’t have volatility associated with other cryptos like Bitcoin. Stablecoins have recorded an impressive growth of 300% so far this year, a rising market cap of over $110B. It will start by listing EURt/EUR and EURt/USD.
The exchange’s users in Europe will be able to trade, deposit, and transfer cryptocurrency without needing to access other stablecoin first. Tether is also pegged to the euro (EURT) due to the control wielded by the European Union. The exchange also highlighted that low-risk, reliable stablecoins are mostly traded against the US dollar on a 1:1 basis.
Euro backed stablecoin EURt
“Accepted the world over the US dollar is the global reserve currency and most stablecoins are pegged to it on a 1:1 basis. However, many of our users do have the euro as their domestic currency. We know how important it is to be able to trade in your own domestic currency, so this news should come as a delight to all our EU-based customers”.
Miha Vidmar, Bitstamp’s chief product officers, said access to EURT will save users time and money without reducing their purchasing power.
By using EURt users will have a good chance of removing FX volatility; no USDt intermediary is required. Users can also avoid any potential loss of purchasing power if the euro loss strength. There’s a huge gap in the market for products that accept euro-pegged stablecoin, making widespread acceptance even closer to reality. It also noted that EURt will not be available to its US and Singapore customers.