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Cryptocurrency exchange Bitstamp has announced the launch of Euro Tether on its platform.
EURt will enable Bitstamp customers to deposit euro (EUR) and swap, transfer, or trade it to a stablecoin, while retaining the same value and without losing funds on Forex volatility. Users will be able to trade in their own fiat currency and no longer be required to use another stablecoin as an intermediary before making a deposit, saving them both time and money in the process. Bitstamp customers who use EURt from its launch until the end of 2021 will also benefit from a 90% discount on trading fees.
Bitstamp said that EURt will enable them to provide a greater level of certainty to traders of digital tokens and drive innovation across the wider ecosystem. The company believes that the euro-pegged stablecoin has the potential to attract mass appeal, helping to further mainstream adoption of digital tokens.
“Bitstamp’s priority is delivering certainty and stability to digital token investors – something that is particularly pertinent as volatility remains in the wider market,” said Miha Vidmar, Chief Product Officer of Bitstamp. “The listing of EURt, the first mainstream Euro-pegged stablecoin, will ensure our customers based in countries with the single European currency can trade with greater confidence, without losing on their overall purchasing power.”
Paolo Ardoino, CTO at Tether Operations Limited, said that they anticipate a ready uptake of EURt on Bitstamp, providing its users with the benefits of the first euro-denominated stablecoin.
“Tether is sure to replicate the success of USDt with EURt,” said Ardoino. “As a pioneer in technological innovation in the digital token space, Tether is always attuned to providing traders of digital tokens with products that fulfil genuine use cases, broadening the options at their disposal.”