Tether has, since its inception in 2014, functioned as a critical financial intermediary at the intersection of traditional and digital finance. With a mission to disrupt legacy markets through the issuance of stable and secure financial assets, Tether has succeeded in providing digital markets with blockchain-agnostic stability and value, and continued to dominate the stablecoin market, with 98.7% of stablecoin trading volume[1].
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.
The addition of EOSIO to Tether represents a monumental step towards comprehensive blockchain interoperability and the long-term maturation of decentralized applications.
Introducing Tether To EOS
By bringing Tether to EOSIO, Tether strives to unlock the true potential of a blockchain-based stablecoin by appealing to individuals seeking a borderless, efficient, and free peer-to-peer value transfer.
The Tether EOS smart contract was developed by Tether and has been deployed to EOS account tethertether, and peer-reviewed by EOS Canada.
Through the innovative use of Delegated Proof-of-Stake, networks adopting the EOSIO software address the fee structure and scalability concerns seen across other blockchain networks. By staking for network resources, EOSIO software removes network transaction fees and, by allowing block producers to spend more computation power on processing transactions, EOSIO allows for the network to run with reduced block-spacing and significantly higher throughput.
These innovations make EOSIO an ideal blockchain for issuing Tether. Tether on EOSIO thus provides a stablecoin with the preconditions necessary for a thriving peer-to-peer micropayment infrastructure.
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“We are delighted to be able to present the next step in the evolution of Tether”, commented Tether Chief Executive Officer Jean-Louis Van der Velde. “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 mainstream adoption of digital currencies for micropayments is right around the corner. Combining the knowhow and brand recognition of Tether with the power of EOSIO software creates an exciting opportunity to build a truly valuable and lasting framework.
We are thrilled to be embarking on this journey with EOSIO, providing the digital asset space with further access points into the field of decentralized finance.
