Tether (USDT) to Launch on EOS Blockchain Network
Tether (USDT) to Launch on EOS Blockchain Network
Paolo Ardoino, CTO of Bitfinex, a Hong Kong-based cryptocurrency exchange revealed that Tether (USDT), a stablecoin backed by USD, will be launching on the EOS blockchain protocol. The CTO also hinted that Tether might launch on the Lightning Network by 2019’s end, according to reports released on May 31, 2019.
Tether (USDT) Latches Onto EOS
Per the report, Paolo Ardoino has revealed that Tether, the largest and most controversial stablecoin, will be launching on the EOS blockchain protocol. The news is coming at a time when the stablecoin is already live on Omni, Ethereum, and TRON network protocols.
According to Bitfinex’s CTO, one of the main reasons for wanting to launch Tether on EOS is to supplement EOSFinex, a decentralized cryptocurrency exchange launched in September 2018.
Just like most decentralized exchanges, EOSFinex also finds it difficult to process fiat transactions as well as crypto-to-fiat pairs due to the absence of a central authority. Against that backdrop, the team has stated that Tether EOS will support EOS/USDT and crypto-to-stablecoin pairs.
Ardoino underlined the importance of enabling cryptocurrencies to run on multiple distributed ledgers with active communities and meet their security standards in terms of issuance.
The CTO has revealed that he is working with Blockstream to launch Tether on Liquid while Bitfinex intends to partner with the RGB protocol community to launch Tether on the Lightning Network by the end of 2019.
Despite the exciting news, it’s worth noting that Tether and its associates have had their own dark moments in recent times.
Bitfinex and Tether are in a court battle with The New York Attorney General (NYAG) Office over an alleged misappropriation of clients funds in a bid to cover an $850 million loss.
While responding at the time, Bitfinex claimed that the NYAG’s court filings were written in bad faith and that the funds which are said to have been lost were only “seized and safeguarded” by Crypto Capital.
A report by BTCManager in May 2019, revealed that Tether is not entirely backed by the U.S. dollar which the company had been claiming all along, but also backed by cash and other digital assets including bitcoin.
In the face of all these controversies and allegations, Ardoino claimed on May 13, 2019, that the exchange had successfully raised $1 billion for its initial exchange offering (IEO) via private placement from iFinex investors.
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