A unique variety of cryptocurrency is called a stablecoin. They were actually created with the intention of reducing the risks associated with the volatility of digital currency. As a result, their program is supported by a reference currency (dollar, euro, etc.). Numerous euro-backed stablecoins have been introduced this year.
Trading in EURT stablecoin is now possible on OKX.
The biggest global cryptocurrency platform OKX is now supporting the euro-backed stablecoin Tether EURt (EURT), according to a tweet from the Tether account on July 18. On the site, users can also access the stablecoin Tether Gold (XAUT), which is backed by genuine gold. These digital currencies are specifically accessible on the secure smart contract network known as the OKC (OKX Chain) blockchain.
The Cosmos ecosystem-based OKC is programmable and supports cheap transactions. Over the course of the previous year, the network showcased no fewer than 130 projects. However, Tether (USDT) hopes to speed up, streamline, and lower the cost of on-chain trading for customers with its collaboration with OKC. Remember that OKC has been offering the USDT, a stablecoin backed by the dollar, for some time?
Lennix Lai, Director of Financial Markets at OKX Exchange, has said the following in relation to this: “We are excited to welcome USDT to OKX Chain as Tether only offers USDT on some of the biggest and most successful blockchains in the world. Since OKX Chain is one of the few blockchains that sits at the nexus of the Cosmos and Ethereum ecosystems, users can take advantage of everything that each ecosystem has to offer “.
- “ Tether is one of the most successful stablecoins on the market, and we are excited to add new bridges and trading pairs to help further grow the Tether ecosystem ,” he said. Note that the OKC network is the 12th blockchain in the world on which we find Tether (USDT) , which happens to be one of the largest stablecoins in the world by market capitalization.
Stablecoins backed by the euro are increasingly widespread.
There are several stablecoins that are backed by the euro, besides Tether EURt (EURT). There is also the Euro Coin (EUROC), which is produced by Circle, the American business that also introduced the well-known USD Coin (USDC), whose market value is believed to be in excess of $54 billion. On the Ethereum (ETH) blockchain, this stablecoin was formally established on June 30, 2022. You should be aware that a controlled framework is used to issue the Euro Coin (EUROC). It provides the same level of security and openness as USDC.
The EURL, a stablecoin created by the French firm Lugh, is the other one that is now supported by the euro. The Tezos (XTZ) ecosystem-based EURL was initially exclusively available for purchase and holding on Coinhouse, a reference exchange authorized by the AMF. However, this stablecoin can now be moved between various external wallets. It should be noted that it passes through an audit each month (by KPMG), and the results are posted on Lugh’s website.
Stablecoins backed by euros were in dire need of production in the cryptocurrency industry. This year, crypto platforms made the decision to solve it. The three main stablecoins now supported by the euro are EURT, EURC, and EURL.
