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   2729

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

USDT Are Backed by USD, Tether Says

Chief Compliance Officer of Tether Ltd. also said the company's assets always exceeded financial liabilities
16 October 2018   157

Chief Compliance Officer of Tether Ltd. Leonardo Real stated that all USDT tokens are secured by fiat reserves, and the company's assets always exceeded financial liabilities. It is reported by CoinDesk, citing representatives of the issuer.

Tether is the leading provider of tokenized fiat currencies and is listed on many exchanges worldwide. We would like to reiterate that although markets have shown temporary fluctuations in price, all USDT in circulation are sufficiently backed by U.S. dollars (USD) and that assets have always exceeded liabilities. In June 2018, a report from Freeh Sporkin & Sullivan, LLP (FSS), based on a random date balance inspection and a full review of relevant documentation of bank accounts, confirmed that all Tethers in circulation as of that date were indeed fully backed by USD reserves.
 

Leonardo Real

Chief Compliance Officer, Tether Ltd

Reel also stressed that the report of the law firm Freeh Sporkin & Sullivan, LLP (FSS) of June said that all tokens are provided with dollars in bank accounts.

However, FSS indicated in the report that the procedures performed by it “are not intended to provide guarantees and should not be confused with an audit”, since the work was carried out “without observing auditing and accounting standards”.

On Monday, October 15, the USDT price dropped to a 18-month low at $ 0.92. At the time of writing, the price has recovered and is about $ 0.97.