Bitstamp Adds Support for Euro-Backed Tether Stablecoin Amid Increasing Demand

Access to EURT will save Bitstamp's euro users time and money without a loss of purchasing power, a Bitstamp executive said.

AccessTimeIconJul 21, 2021 at 10:00 a.m. UTC
Updated Sep 14, 2021 at 1:28 p.m. UTC

Cryptocurrency exchange Bitstamp is looking to cash in on the growing demand for stablecoins by adding support for tether tokens denominated in euros (EURT).

  • The exchange's users in Europe will be able to trade, deposit and transfer the cryptocurrency without needing to access other stablecoins first, according to a press release on Wednesday,
  • Miha Vidmar, Bitstamp's chief product officer, said access to EURT will save users time and money without reducing their purchasing power.
  • The move comes as euro-backed stablecoin demand has been increasing, with Tether rivals such as Stasis' EURS token siphoning some of Tether's dominant market share.
  • Overall demand for USDT and EURT has somewhat lessened in recent weeks on the back of regulatory pressure in China and an increase in stablecoin competition.
  • Still, Paolo Ardoino, Tether's chief technology officer, said he “anticipate(s) a ready uptake of EURT on Bitstamp."
  • Bitstamp, which is based in the U.K., is the world's fifth-largest exchange by bitcoin trading volume, according to data from Bitwise.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
OpenSea Reports Email Data Breach

An employee at an outside contractor tasked with managing OpenSea email newsletters copied the list of customer emails and shared it with an outside party, OpenSea says.

CoinDesk - Unknown
2
CoinDesk - Unknown
Grayscale Sues SEC Over Bitcoin ETF Application Rejection

The SEC rejected Grayscale's application to convert its Grayscale Bitcoin Trust to an exchange-traded fund earlier Wednesday.

CoinDesk - Unknown
3
CoinDesk - Unknown
SEC Rejects Grayscale’s Spot Bitcoin ETF Application

Grayscale has said it was prepared for “all possible post-ruling scenarios."

CoinDesk - Unknown
4
CoinDesk - Unknown
Coinbase is Reportedly Selling Geo-Location Data to ICE

Watchdog group Tech Inquiry reported the new details about Coinbase’s three-year contract with the U.S. Department of Homeland Security.

CoinDesk - Unknown