Bitfinex CTO, Paolo Ardoino has revealed on Twitter today that Tether (USDT), the largest stablecoin by market capitalization, is set to launch on the EOS blockchain. This is coming one month after Tether was issued on TRON blockchain.
— Paolo Ardoino (@paoloardoino) May 31, 2019
According to the CTO, Tether is pushing the launch to support Eosfinex, a decentralized exchange on EOS blockchain which was announced in February. The DEX will reportedly offer EOS/USDT and crypto-to-stablecoin pairs to users on the network.
Despite the controversies associated with Bitfinex and Tether, the USDT seems to be making significant developments and is still leading the bandwagon of stablecoins.
Unlike other major dollar-pegged coins like the USD Coin, TrueUSD, and the Gemini dollar that are only issued on the Ethereum blockchain, the USDT currently runs on Ethereum, TRON, and Omni. Ardoino believes that “cross-chain support is a key element for the success of a stable-coin.”
Ardoino also mentions that by the end of the year, the Bitfinex team is planning to launch Tether on the Lightning Network by collaborating with Blockstream. This will no doubt, be another milestone for the stablecoin.
EOS, on the other hand, is getting more recognition as its users can now buy, sell, store or convert the cryptocurrency on U.S. exchange and wallet provider Coinbase. The exchange deemed EOS as “a cryptocurrency designed to support large-scale decentralized applications.
However, the service is not currently available to customers from selected jurisdictions such as the state of New York and the UK.
EOS price is recording slight gains of almost 1% on the daily chart at press time, even when the rest of the crypto market is on a decline. The cryptocurrency is trading at $8 with a market cap of $7,338,481,546