Bitstamp, a leading cryptocurrency exchange, has today announced that it will launch trading of Tether tokens pegged on euro (EURt), the first euro-pegged stablecoin, providing a liquid, stable and trusted means of obtaining exposure to the single European currency.
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 on July 22, 2021 until the end of 2021 will also benefit from a 90% discount on trading fees.
The launch comes as the growth and adoption of stablecoins increases rapidly among investors. Tether tokens pegged to USD (USDt), the most liquid, stable and trusted stablecoin, has undergone exponential growth this year to a market capitalization of US$62 billion, with US$41 billion added since January 1, 2021. Stablecoins present an attractive option for traders who wish to utilise the digital token space to transfer funds between entities, while avoiding losses as a result of price fluctuations.
With the launch of the pioneering euro-pegged stablecoin on the platform, Bitstamp is providing a greater level of certainty to traders of digital tokens and driving innovation across the wider ecosystem. EURt 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.”
“We anticipate a ready uptake of EURt on Bitstamp, providing its users with the benefits of the first euro-denominated stablecoin,” said Paolo Ardoino, CTO at Tether Operations Limited. “Tether is sure to replicate the success of USDt with EURt. 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.”
Bitstamp is dedicated to providing best-in-class service to retail and institutional digital asset investors. The world's longest-running cryptocurrency exchange has built a reputation as one of the most trustworthy and reliable platforms, with the best uptime in their industry, and has consistently ranked in the top 10 spot markets, in terms of volume, for almost a decade.
