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)
Read more:Bitfinex Shuts Down Deposits And Withdrawals Services Temporarily
Image source – Tether Twitter
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
