Tether, the company behind the popular stablecoin USDT, announced it will launch a euro-pegged cryptocurrency on Bitunix, a new Europe-focused digital asset exchange.
In a recent tweet, Tether stated it would soon release Euro Tether (EUR₮) on Bitunix. This represents Tether’s latest expansion into fiat-pegged stablecoins beyond its flagship USDT cryptocurrency.
Euro #Tether (EUR₮) To Launch on @bitunix pic.twitter.com/9ccbLirGIx
— Tether (@Tether_to) November 20, 2023
What is Tether?
Tether issues blockchain-based tokens pegged to the value of traditional currencies like the US dollar. Its USD-backed token, USDT, is the most widely used stablecoin in crypto markets. Tether aims to provide the price stability benefits of fiat currencies combined with the speed and flexibility of cryptocurrency.
The company has progressively rolled out stablecoins pegged to additional global currencies. Along with USDT, it currently offers tokens pegged to the Euro, Chinese Yuan, and Mexican Peso. EUR₮ will be its newest currency-backed stablecoin.
What is Bitunix?
Bitunix is a new cryptocurrency exchange that focuses on the European market. Based in Estonia, the exchange aims to provide extensive trading options for European crypto investors.
Though new, Bitunix has quickly expanded its coin offerings and is now expanding with Tether.
Tether’s launch of EUR₮ on Bitunix should further bolster the exchange’s offerings for European traders. Euro-pegged stablecoins like EUR₮ provide crypto holders with a way to hedge against volatility without leaving the cryptocurrency ecosystem.
Having a stable asset tied to the Euro could boost Bitunix’s appeal with regional traders who primarily operate in euros. The availability of EUR₮ should also make transferring funds onto the exchange quicker and easier for European users.
The integration highlights Tether’s ongoing push to make its stablecoins available across diverse exchanges and blockchains. As the most widely utilized stablecoin, USDT’s precedent illustrates the high demand crypto investors have for stabilizing assets. For both Tether and Bitunix, the new Euro Tether could offer opportunities for expanded reach.
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