Bitstamp launches EURt euro-pegged stablecoin
Cryptocurrency exchange Bitstamp is to launch trading of tether tokens pegged to the euro (EURt), the first euro-pegged stablecoin, providing a liquid and stable 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 22 July, 2021 until the end of 2021 will also benefit from a 90 per cent 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 capitalisation of USD62 billion, with USD41 billion added since 1 January, 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,” says 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,” says 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.”