Blockchain tech company Tether is partnering with Block.one, the parent company od EOS to launch its stablecoin (USDT) on the EOS blockchain (EOSIO), as reported by Cointelegraph on 1 June.
As per the release, Tether has developed a Tether EOS smart contract that has been sent to the EOS account “tethertether” and peer-reviewed by the Canadian branch of EOS. Reportedly the Tether EOS and its delegated proof-of-stake design are well-suited for peer-to-peer microtransactions.
The Chief Executive Officer of Tether, Jean-Louis van der Velde elaborated that adding the coin to the EOS blockchain lends greater interoperability.
One of the most circulated tokens, EOS was recently added to a major United States-based cryptocurrency exchange and wallet service Coinbase. The exchange platform will now offer trading and storage support for the EOS token. EOS currently boasts a market capitalization of over $8 billion.
On the other hand, the New York Attorney General (NYAG) Letitia James, bought the token in the middle of a legal battle when she accused crypto exchange Bitfinex and Tether of defrauding New York investors through a massive $850 million loss cover-up. The controversy further intensified as the company’s lawyers confirmed in documents released on April 30, that the USDT only has 74% Backing by Fiat Currency.
Amidst the ongoing legal scrutiny, the exchange confirms the plan to conduct a $1 billion so-called initial exchange offering (IEO)
Image source – Tether Twitter