The stablecoin, Tether, will soon be launched on the EOS blockchain. This is reported by the CTO of Bitfinex, Paolo Ardoino. Tether has already been launched on multiple blockchains and the upcoming launch on the EOS blockchain is said to be related to the development of a new decentralized exchange.
Tether is a stablecoin that has the purpose of having a stable value; 1 tether (USDT) is worth about 1 dollar. Because of the stable value, tether offers a safe way to transfer crypto between different platforms, for instance.
According to Ardoino, tether is now being launched on the EOS blockchain. This would be part of a new decentralized exchange called EOSFinex.
One of the main reasons that we launch tether on EOS is that we need it for EOSFinex. Because it is an on-chain exchange, we need Tether EOS to be able to offer EOS / USDt and crypto-to-stablecoin pairs. EOSFinex is one of the long-awaited projects within the EOS community, but we thought it would be good to give everyone the opportunity to build on Tether-EOS even before EOSFinex is launched.
Tether was discredited last month after Bitfinex grabbed hold of the stablecoin's reserves. The exchange, which has the same parent company as tether, did this to fill a gap of more than $ 850 million in its budget.
Bitfinex and tether got the hang of it with the attorney general of the American state of New York. As a result, tether could no longer invest its reserves, so there was uncertainty as to whether tether could cover the circulating tether with the dollars that the company had in its reserves.
The court ruled in May that the restrictions imposed were largely dismissed . For example, tether may invest its reserves again, but may no longer grant loans to Bitfinex or its employees.