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

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

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.
  • Source