Bitstamp Adds Support for Euro-Backed Tether Stablecoin Amid Increasing Demand
21 Jul, 2021•1 min read•Altcoins
Cryptocurrency exchange Bitstamp is looking to cash in on growing stablecoin demand by adding support for tether tokens denominated in euros (EURT).
According to a press release on Wednesday, the exchange's European users will be able to trade, deposit and transfer without needing to access other stablecoins first. Bitstamp Chief Product Officer Miha Vidmar said access to EURT will save its users time and money without reducing their overall 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 pressures in China and a rise in stablecoin competition. Still, Tether CTO Paolo Ardoino said he “anticipate(s) a ready uptake of EURT on Bitstamp." Bitstamp, domiciled in the U.K., is the world's fifth-largest exchange in bitcoin trading volume, according to data by Bitwise.