The CTO of Bitfinex, Paolo Ardoino, revealed that Tether (USDT) will be launched on the EOS blockchain platform. He said that during a conversation with CCN a few hours ago. The launch of Tether on the EOS network comes after the decision to use the Tron (TRX) platform as well.

. @Tether_to is launching on a new chain today. Any guess?
I believe that cross-chain support is a key element for the success of a stable-coin.

— Paolo Ardoino (@paoloardoino) May 31, 2019

Tether To Be Released On The EOS Network

Ardoino explained that the decision to launch Tether on EOS aims at supplementing the eosfinex platform. The marketing head at Bitfinex Kasper Rasmussen, announced the launch of eosfinex a crypto exchange that is going to be built on top of the EOS protocol.

Decentralized exchanges cannot deal in an easy way with fiat currencies and this is why they have decided to use Tether as a stablecoin. Although the digital currency has been involved in different controversies, it remains the largest stablecoin in the market.

Following the widespread success of Tether across Omni and Ethereum, we are delighted to announce our launch on EOS.

Read the full announcement here: https://t.co/46ve3jk52x pic.twitter.com/xSfQVGx69a

— Tether (@Tether_to) May 31, 2019

Ardoino commented about the reasons behind this decision:

“One of the main reasons is that we need it for eosfinex. Since it is an on chain exchange we need Tether EOS to offer EOS/USDT and crypto-to-stablecoin pairs on it. EOSFinex is one of the most awaited projects in the EOS community but we thought it would be good to start giving everyone the ability to build on Tether-EOS even before EOSFinex launch.”

At the moment, Tether operates on the Omni, Ethereum (ETH) and Tron platforms. At the same time, Ardoino mentioned that Bitfinex is working with Blockstream in order to launch Tether on Liquid and bring it to the Lightning Network.

Working on that too, almost there!

— Paolo Ardoino (@paoloardoino) May 31, 2019

The decision to add Tether on EOS comes after the official launch of LEO, a digital asset that was launched by Bitfinex after gathering $1 billion in funds from investors.

By bringing Tether to EOSIO, Tether strives to unlock the true potential of a blockchain-based stablecoin by appealing to those seeking a borderless and efficient peer-to-peer value transfer.

— Tether (@Tether_to) May 31, 2019

A few days ago, Coinbase, one of the largest crypto companies and exchanges in the market, announced that it started offering EOS support on its platform. It will be possible for users to deal with EOS on Coinbase.com and official applications on iOS and Android.

At the time of writing this article, EOS is the fifth largest cryptocurrency in the market. According to CoinMarketCap, EOS has a market capitalization of $7.24 billion and each EOS coin can be purchased for $7.89.

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