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   1969

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

Bitfinex Shareholder Claims Tether Backed with $3B

According to investor and shareholder Zhao Dong, he saw the balance of the Tether and Bitfinex bank account
06 February 2018   131

Zhao Dong, a well-known Chinese investor and shareholder of Bitfinex, claims to have seen with his own eyes the balance of the Tether and Bitfinex bank account during a recent meeting with Bitfinex Financial Director Giancarlo Devasini. This is reported by Bitcoin.com.

Lao Mao (CEO, Big One) (and I) just had a look at the USD account of Tether and Bitfinex in Giancarlo’s (Boss of BFX, CFO) room, in which Tether’s account holds 1.8x billion USD and Bitfinex holds 1.1x billion USD. The total number of the two accounts is around 3 billion USD, which is beyond the current circulated supply of USDT. This debunks all rumors around USDT.
 

Zhao Dong

Shareholder, Bitfinex

The chief executive officer of Big.one published a blog post following the trip, in which an interview between Mr. Devasini and one of Lao Mao’s associates is made public. 

The Bitfinex team has aroud 50 people. The Tether team does not work for money. As early as bitcoin investors, the team has a sense of responsibility and mission. Tether can no longer be limited to the US dollar. Company can use the euro, the Japanese yen and other fiat currencies.
 

Giancarlo Devasini
CFO, Bitfinex

He also noted that the company does not intend to disclose all the details of its relations with banks, which is supposedly a reciprocal measure of pressure from the US banking industry, which in every possible way interferes with Tether's activities.

From the interview, Mao concluded that "we can trust Tether and USDT."

The mood of Mao relative to the Tether tokens has recently changed markedly. In November of last year, he urged the exchange to not integrate couples with USDT.

In addition, the authors of the report criticized Tether and Birfinex for lack of transparency in their relations with banks, and specifically Tether - for the fact that the issuer presented audits of the auditor Friedman LLP as full-fledged audits, although they were not.