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