TETHER and ETHFINEX Enable Tokenized USD on Ethereum Network

An industry first, the move allows users to transact without relative volatility

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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.

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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

About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST
2015), a partner at ICO services collective Token.Agency
($750m+ and 90+ ICOs and STOs), director of education company
Blockchain Partners
(Oracle Partner) and ICO event organiser
at leading industry event CryptoFinancing (Europe's first ICO event now
branded Tokenomicon)
– Vancouver native Richard Kastelein is an award-winning publisher,
innovation executive and entrepreneur. He sits on the advisory boards
of some two dozen Blockchain startups and has written over 1500
articles on Blockchain technology and startups at Blockchain News and
has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.  Irish Tech News put him in the top
10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of
Blockchain
at China's first Blockchain University in Nanchang
at the Jiangxi Ahead Institute of Software and Technology. In 2018 he
was invited to and attended University of Oxford's Saïd Business School
for Business Automation 4.0 programme. Chevalier (Knight) - Ordre des
Arts et des Technologies at Crypto Chain University and an Advisory
Board Member of International Decentralized Association Of
Cryptocurrency And Blockchain (IDABC) as well as Advisory Board Member
at U.S. Blockchain Association. Over a half a decade experience judging
and rewarding some 1000+ innovation projects as an EU expert for the
European Commission's SME Instrument programme as a startup assessor
and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain
technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels,
Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki,
London (5x), Manchester, Minsk, Nairobi, Nanchang, San Mateo, San
Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel
Aviv,  Utrecht, Venice,  Visakhapatnam, Zwolle and
Zurich.  His network is global and extensive.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has
ranged from the Canadian Native Press (Arctic) to the Caribbean
& Europe. He's written occasionally for Harvard Business
Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work
and ideas have been translated into Dutch, Greek, Polish, German and
French. A journalist by trade, an entrepreneur and adventurer at heart,
Kastelein's professional career has ranged from political publishing to
TV technology, boatbuilding to judging startups, skippering yachts to
marketing and more as he's travelled for nearly 30 years as a Canadian
expatriate living around the world. In his 20s, he sailed around the
world on small yachts and wrote a series of travel articles called,
"The Hitchhiker's Guide to the Seas' travelling by hitching rides on
yachts (1989) in major travel and yachting publications. He currently
lives in Groningen, Netherlands where he's raising three teenage
daughters with his wife and sailing partner, Wieke Beenen.

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