Tether has released EURT, a token representing euros and operating on the Bitcoin blockchain. Each EURT token corresponds to one euro held in a Taiwan banking trust, matching the structure of Tether's
Tether has released EURT, a token representing euros and operating on the Bitcoin blockchain. Each EURT token corresponds to one euro held in a Taiwan banking trust, matching the structure of Tether's dollar token, USDT. The company moves between $500,000 and $1,000,000 in USDT daily. Tether's dollar supply reached $6.6 million from deposits held at the Taiwan trust.
Tether built these tokens using the Omni Layer protocol. Unlike conventional currency pairs, USDT and EURT move as blockchain assets. Removing intermediaries and custodians means faster settlement and lower costs than traditional foreign exchange channels.
Tether operates in beta to offer an affordable alternative to expensive foreign currency exchanges by removing middlemen and custodians.
"We believe the Bitcoin blockchain is a better technology for transacting, storing, and accounting for these assets," the company states in its documentation. Global wealth totals approximately $250 trillion, with much of it locked in banks. Tether sees an opportunity to shift that capital onto blockchain infrastructure.
As part of the EURT launch, Tether partnered with Coinsbank, an Edinburgh exchange and fintech firm. The deal lets USDT and EURT holders access debit card functionality. Users can deposit EURT on OpenLedger to receive SEPA bank transfers or use Coinsbank's debit card service.
"We're enabling price discovery and remittance for the world's most liquid market over the Bitcoin blockchain, which means we can provide a very tight spread combined with the lowest exchange fees in the industry," said Patrick Dugan, a board member of the Omni Layer Foundation (formerly known as Mastercoin).
Tether started in 2014 under the name Realcoin with a mission to accelerate Bitcoin adoption by presenting currencies in forms that users already understood. The company rebranded within the same year, abandoning anything resembling an alternative coin.
