Tether Launches EURT Token

The new token will be issued via the Ethereum blockchain and will be compatible with the ERC20 standard
08 January 2018   3418

Tether, creator of a USDT token, has announced the creation of a euro tether (EURT) that is issued over the Ethereum blockchain and will be compatible with the ERC20 standard.     

According to the company, the Ethereum-based tether allows for tokenized USD and EUR to be transferred over the Ethereum network. This enables compatibility with Ethereum-based protocols and Decentralised Applications (DApps) whilst allowing users to transact and exchange fiat pegged currencies across the Ethereum Network.

Tether Limited believes that the compatibility with the ERC20 will lower network fees and much faster confirmation times resulting that will will create far more liquidity and exchange arbitrage.

The company also said it has completed two audits of the codebase and contracts using Zeppelin Audits and Phil Daian as third-party auditors. According to the inspections, there were no critical or high severity issues found and recommended some medium severity solutions. Phil Daian stated that if the company follows the recommendations, the ERC20 Tether contracts "will launch in a well tested, secure state".

At the moment of press, these are main market parameters of Tether:

  • Average price: $1,0
  • Marketcap: $1 473 169 427
  • 24h volume: $2 490 620 000 USD

318 Wallets to Control 80% of USDT, - Coin Metrics

According to the research, a significant part of these funds is probably used by the exchanges, where USDT is actively used for transactions
08 August 2019   239

About 300 wallets control 80% of the Tether stablecoins, Bloomberg reports, citing a new study by Coin Metrics.

A significant part of these funds is probably placed on the wallets of cryptocurrency exchanges, where USDT is especially actively used for transactions. Major Tether holders also include brokers oriented to work with Chinese investors and high-frequency traders.

Tether Ownership Distribution
Tether Ownership Distribution

The concentration of Tether suggests that control of Tether is in the hands of a few central players who can swing Bitcoin prices, and have a vested interest in doing so. It also suggests that many exchange players have a vested interest in keeping the Tether game going.

John Griffin

Finance professor, University of Texas at Austin

According to Coin Metrics, Tether was used to conclude 40% and 80% of all transactions on the Binance and Huobi cryptocurrency exchanges, respectively. The company’s analysis included USDT-wallets based on the OMNI protocol and the Ethereum blockchain, the balance of which exceeded $ 1 million. 318 such wallets were counted.

On the other hand, according to the BitInforCharts.com portal, currently over 20,000 bitcoin addresses contain cryptocurrencies worth more than $ 1 million. This may be explained by the greater popularity of bitcoin as a means of accumulation, while stablecoins are often not withdrawn by users from exchanges. where they accumulate in large volumes.