Tether’s USDT stablecoin will be launched on the EOS blockchain after the partnership with Block.one. In the latest cryptocurrency news today we read more about the partnership and stablecoin launch.
In an official press release issued on the website, Tether announced that the EOS is the next blockchain to host the stablecoin USDT following the similar launches on Ethereum and TRON. An excerpt from the press release notes:
‘’Following the widespread success of Tether across Omni and Ethereum, we are delighted to announce the addition of EOSIO to the list of blockchain networks now supported by Tether.’’
According to the announcement, the company developed the EOS smart contracts for the stablecoin before deploying it on the tether EOS account. The announcement also noted that the faster transactions throughput and enhanced scalability of the EOS blockchain is one of the major key points of Tether’s decision to launch the stablecoin on the network.
Back in 2018 as noted in the coming altcoin news, Tether upgraded to the Ethereum network from the Omni protocol and focused on lower fees and faster transaction times. Despite the many controversies around the company and Bitfinex, USDT is still the most widely used stablecoin on the market. The chief executive officer (CEO) of Tether Jean-Louis Van der Velde commented on the development:
‘’We are delighted to be able to present the next step in the evolution of Tether. Combining the potential of both Tether and EOSIO is a further step towards blockchain interoperability and being on the forefront of this development is a fantastic feeling which further highlights our dedication to the maturation of the digital asset space.’’
The ability of the blockchain to freely transmit data across the different blockchain networks is the main goal of the emerging digital ecosystem. However, the blockchains employing multiple consensus mechanisms and the emergence of a functioning interface is still unattainable for now.
Tether’s USDT stablecoin and the support for it came from the major platforms and the company is now focusing on some other moves in order to provide a framework that will improve the speed and efficiency of the crypto transactions.
The new partnership sparks another controversy for the companies mostly focusing on the lack of transparency and decentralization.
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