ShapeShift has added Tether USD₮ to its exchange platform, following recent integrations of Counterparty and Monero. The token represents the first blockchain-based form of fiat currency, joining over
ShapeShift has added Tether USD₮ to its exchange platform, following recent integrations of Counterparty and Monero. The token represents the first blockchain-based form of fiat currency, joining over two dozen other digital assets available on ShapeShift for instant trading.
Customers can buy and sell Tether USD₮ through ShapeShift without creating an account. For now, the service supports USD₮ only, though ShapeShift plans to add Tether EUR₮ and Tether JPY₮ in the coming months. The platform also plans to enable trading between Tether and its full range of supported cryptocurrencies.
"We are excited to begin the Tether integration with tether USD₮ and look forward to adding all the new currency tether tokens in the future," said Erik Voorhess, ShapeShift's founder and CEO, in a statement released today.
Tether's model centers on reserve backing. The company maintains dollar accounts that back each token at a one-to-one ratio: one Tether USD₮ equals one actual dollar. This design gives users the speed and global reach of blockchain transactions combined with the price stability of traditional money. The company markets itself as a secure, fast, and low-cost method for transferring fiat value across blockchains.
Tether's co-founder and CTO Craig Sellars praised ShapeShift's platform design. "ShapeShift is one of the easiest to use digital asset exchanges in the entire Blockchain ecosystem, built by true pioneers in this space," he said.
ShapeShift itself operates as a service for swapping cryptocurrencies without lengthy account creation. Users can exchange between over two dozen different tokens in minutes, making ShapeShift the quickest way to trade digital currencies. The company's mission is to provide the fastest, safest, and most convenient platform for digital asset exchange.
