Join Our Mailing List
Monday September 25, 2023
Bitcoin (BTC) $26,129.00   Ethereum (ETH) $1,573.17
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Investment Management
    • M&A
    • Mining
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
Trezor Model T
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas
Home Blockchain Technology

Tether and Ethfinex enable tokenized USD on Ethereum

Published by CryptoNinjas.net
09/11/2017
Tether and Ethfinex enable tokenized USD on Ethereum

Tether, the provider of tokenized national currencies announced today in partnership with Ethfinex, the launch of Tether ERC20 tokens on the Ethereum blockchain. Ethfinex is a newly born decentralized Ethereum trading ecosystem from cryptocurrency exchange Bitfinex. The partnership seeks to enable tokenized US dollars to be exchanged on Ethereum for the first time.

Launched in 2014, Tether was 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.

Tether users deposit US dollars, and soon Euros, Japanese Yen, and other fiat currencies which are converted into a 1:1 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.

Craig Sellars, Co-founder of Tether, said:

“Following the success of our widely used US Dollar tokenization 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.”

“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.”

Partnering with Tether by creating the smart contracts is Ethfinex, which aiming to be a trading and information hub for projects on the Ethereum blockchain and is set to offer access to a highly liquid and advanced trading platform for ERC20 tokens.

Will Harborne, Project Lead at Ethfinex

Will Harborne, Project Lead at Ethfinex said:

“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.”

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 enable a safe and secure means of transferring funds anywhere in the world without needing to use a bank of any kind.”

Tether is supposed to hold 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 says they plan to be fully transparent and audited to demonstrate 100% reserves at all times, and these reports will be published and communicated on the Tether website.

To view the full contract security review, visit https://stableset.com/audits/tether_audit_v1/tether_audit_v1.pdf

76
SHARES
SubscribeE-MailXFacebookWhatsappTelegramRedditLinkedin

Related News

Ethereum L2 exchange DeversiFi transforms into multi-chain gateway rhino.fi

07/14/2022
Ethereum L2 exchange DeversiFi transforms into multi-chain gateway rhino.fi

DeversiFi, the first exchange to integrate StarkWare's ZK-STARK technology, is the next dApp to move beyond its exclusive affiliation with Starkware and Ethereum and is transforming into rhino.fi, a gateway to DeFi, offering users...

Read more

Tether to launch British Pound Sterling (GBP)-pegged token in early July

06/22/2022
Tether to launch British Pound Sterling (GBP)-pegged token in early July

Tether, the blockchain-enabled stablecoin platform, today has announced that it will be launching Tether tokens (GBP₮) pegged to the British Pound Sterling in early July. Initial blockchain support will include Ethereum. The newly launched...

Read more

Tether stablecoins now available on the Tezos blockchain ecosystem

06/09/2022
Tether stablecoins now available on the Tezos blockchain ecosystem

Tether.to, the company operating the blockchain-enabled stablecoin platform, announced it will launch Tether tokens on Tezos, the upgradable proof-of-stake  (PoS) blockchain. “We’re excited to launch USD₮ on Tezos, offering its growing and vibrant community...

Read more

Tether’s USDt now live on Polygon network

05/27/2022
Tether's USDt now live on Polygon network

Tether, the company operating the blockchain-enabled stablecoin platform, announced it has now launched the Tether token (USDt) on Polygon (formerly MATIC), the Ethereum blockchain scaling and development platform. The addition of Tether to the...

Read more
Load More
Leave Comment

Where to Exchange

Leading crypto suite in Spain & LATAM Visit
European bitcoin exchange Visit
Swap & buy 150+ cryptocurrencies Visit
First U.S. regulated BTC exchange Visit
  • Trending
  • Latest
Blockstream releases new platform for Liquid-sidechain security token issuance

Blockstream releases new platform for Liquid-sidechain security token issuance

05/15/2019
Blockstream Mining Bitcoin

Blockstream launches bitcoin mining colocation and pool services

08/08/2019
Zilliqa blockchain combines incubation programs as it announces new grant winners

Zilliqa blockchain combines incubation programs; announces new grant winners

12/03/2019
HashKey Exchange, Hong Kong's first licensed crypto exchange is now live

Hong Kong’s first licensed crypto exchange HashKey is now live

08/28/2023
BITmarkets – Spot, Futures, Margin Trading with 150+ Cryptocurrencies

BITmarkets – Spot, Futures, Margin Trading with 150+ Cryptocurrencies

08/28/2023
HashKey Exchange, Hong Kong's first licensed crypto exchange is now live

Hong Kong’s first licensed crypto exchange HashKey is now live

08/28/2023
Adenasoft launches new crypto exchange white label solution: ACE

Adenasoft launches new crypto exchange white label solution: ACE

06/27/2023
Maximize Your ETH Investment: The ETHphoria Vault by Pods

Maximize Your ETH Investment: The ETHphoria Vault by Pods

06/21/2023
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2024 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact
No Result
View All Result

© 2016 - 2024 CryptoNinjas Disclosures | Privacy Policy