Tether Limited, the leading provider of tokenized traditional government-backed currencies, today announced in partnership with Ethfinex the launch of Tether ERC20 tokens on the Ethereum Blockchain, enabling tokenized US dollars to be exchanged on the Ethereum network for the first time.
Launched in 2014, Tether claims to be the first Blockchain-enabled platform to allow traditional currencies to be tokenized, allowing users to transact with fiat currencies across the exchange without the relative volatility associated with digital currencies.
Craig Sellars, Co-founder of Tether, said:
“Following the success of our widely used US Dollar tokenisation on the Bitcoin Blockchain, this latest version enables interoperability with Ethereum-based protocols and DApps. We believe this new development will reduce the current interbank delays often involved in exchange withdrawal and allow our users access to tokenized USD – a first for the industry.”
Partnering with Tether by creating the smart contracts is Ethfinex, the leading trading and information hub for projects on the Ethereum Blockchain, set to offer access to a highly liquid and advanced trading platform for ERC20 tokens.
“The number of tokens and assets being tokenized on top of the Ethereum platform is growing rapidly, with many proving disruptive to traditional business models. By enabling all ERC20 compatible applications and protocols to integrate tokenized USD, we expect to see enhanced efficiency and further stability on the Ethereum network,” said Will Harborne, Project Lead at Ethfinex.
Tether users deposit US dollars, and soon Euros, Japanese Yen and other fiat currencies which are converted into a 1-to-1 backed digital currency called tether ₮. Each Tether then carries a name and symbol of the underlying asset it represents, and is transferable and tradeable as a standard ERC20 token.
Integrating with Tether as a compatible application is TokenCard, a smart-contract powered debit card and Ethereum gateway founded in 2016. Upon launch of their card, TokenCard will accept the Tether ERC20, enabling their users to use tokenized fiat currencies for everyday transactions.
TokenCard Co-founder Mel Gelderman said:
“The launch of Tether fiat tokens on the Ethereum network is a huge step towards mass consumer adoption. This blurs the boundaries of what is considered a Blockchain asset versus a ‘regular’ asset and will enable people to own the fiat currencies most familiar to them but in a tradeable digital form. This will make it much easier for the majority to use Ethereum powered platforms, like TokenCard. The option of choosing TokenCard over traditional banks becomes even easier if a national currency can be held in token form. The strength and versatility of the Ethereum Blockchain enables a safe and secure means of transferring funds anywhere in the world without needing to use a bank of any kind.”
“We believe this development will not only open up the world of cryptocurrencies to more mainstream consumers, but also set the standard, and encourage other companies to be more innovative and accessible in their product and service offering at this pivotal time for money and payments,” concluded Sellars.
Tether Limited holds 1:1 reserves for all Tether generated in its contract where each tether is backed by its corresponding currency on deposit. A total list of balances issued to all Tether can be viewed, verified and checked against the on-chain deployments of Tether contracts by any interested party. Tether will be fully transparent and audited to demonstrate 100 percent reserves at all times, and these reports will be published and communicated on the Tether website.
For more information, visit www.tether.to or to view the full contract security review, visit https://stableset.com/audits/tether_audit_v1/tether_audit_v1.pdf
- MIT Professor Silvio Micali’s Algorand Project Announces Date for First Auction - June 6, 2019
- SEC sues Canadian Messaging Service Kik Selling Unregistered Securities in its $100 million ICO - June 4, 2019
- CrowdEngine Teams Up With Polymath Adding Security Token Issuance to List of Crowdfunding Services - June 3, 2019
- Bitcoin Inc. CEO Morgan Rockcoon Busted – 21 Months in Prison and Fines - June 3, 2019
- Reshaping a Nation’s Logistics Sector: Singaporean Blockchain Company PLMP Cuts Multimillion Dollar Deal With Indonesia - June 3, 2019
- Swisscom TV Opens Blockchain-based Art Gallery - June 3, 2019
- Canadian Messaging Service Kik Burns $5 Million Fighting SEC Over Utility Tokens, Now Raising $5 Million More to Continue Battle - June 3, 2019
- Salesforce Introduces CRM Blockchain Platform For Selected Clients - June 3, 2019
- Block.one Plans to Tackle Pitfalls of Social Media With New Blockchain Community Called “Voice” - June 3, 2019
- CasperLabs and Ethereum on Proof of Stake Protocol at CryptoChicks in Toronto, family ran Hack-A-Thon for blockchain family - June 3, 2019
- World Economic Forum Inaugurates Global Blockchain Council to Address Lack of Well-Defined Rules for Working with Blockchain - May 29, 2019
- India’s First Blockchain Powered VoD Platform ‘myNK’ Launches At Cannes Film Festival - May 27, 2019
- New Zealand’s Cryptopia Exchange Packs It In – Announces Liquidation - May 15, 2019
- Canadian Blockchain Expert Alex Tapscott and NextBlock Global Limited to Pay $1M for Misleading Investors - May 15, 2019
- ObEN Launches AI Newscaster With 3D “Satoshi” Avatar to Deliver Content via PAI News App - May 14, 2019
- Leading Freelance Platform Moonlighting Announces First Blockchain Integration Partner – Teams with HireVibes For EOSIO Solution - May 14, 2019
- Polish-UK Blockchain Company Billon awarded €2 million euro from EU to build DLT Document System - May 14, 2019
- City of Belfast and Colu Team up to Create City Loyalty Token to Boost Local Economy and Environment - May 8, 2019
- Fidelity Investments – to Launch Cryptocurrency Trading Desk Soon – Recent Report Shows Clients Want To Trade Digital Assets - May 8, 2019
- Consensys Accelerates Blockchain Investment Portfolio, Consolidates Investment Arms - May 8, 2019