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Bitstamp to launch Euro-backed Tether stablecoin

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Luxembourg-based crypto exchange Bitstamp is planning to launch the first euro-pegged stablecoin.

The company stated it intends to provide a “liquid, stable and trusted means of obtaining exposure to the single European currency”.

EURt will, therefore, enable Bitstamp customers to deposit euro (EUR) and swap, transfer or trade it to a stablecoin while keeping the same value without losing funds on Forex volatility.

Miha Vidmar, Chief Product Officer of Bitstamp, decided to go ahead with the launch when Tether progressed to a market capitalisation of $62 billion, with $41 billion added since January 2021.

Vidmar added he believes EURt has the potential to attract a wider audience as well as help digital tokens to become more mainstream.

“Bitstamp’s priority is delivering certainty and stability to digital token investors – something that is particularly pertinent as volatility remains in the wider market,” he said.

“The listing of EURt, the first mainstream Euro-pegged stablecoin, will ensure our customers based in countries with the single European currency can trade with greater confidence, without losing on their overall purchasing power.”

Paolo Ardoino, CTO at Tether Operations Limited, said there was excitment surrounding the uptake of EURt on Bitstamp.

“Tether is sure to replicate the success of USDt with EURt,” he said.

“As a pioneer in technological innovation in the digital token space, Tether is always attuned to providing traders of digital tokens with products that fulfil genuine use cases, broadening the options at their disposal.”