Tether is working tirelessly to disrupt the legacy financial system through a more modern approach to money. As the first platform to facilitate the transfer of fiat backed currencies over a blockchain network, Tether has made headway by giving customers the ability to transfer value across the blockchain without the inherent volatility and complexity typically associated with a digital currency.
Following the widespread success of our Bitcoin-based USD Tether, issued via the Omni Layer Protocol, we have today launched and issued both US Dollars and Euros as Ethereum-based Tether, compatible with the ERC20 standard. The Ethereum-based Tether allows for tokenized USD and EUR to be transferred over the Ethereum network. This enables interoperability with Ethereum-based protocols and Decentralised Applications (DApps) whilst allowing users to transact and exchange fiat pegged currencies across the Ethereum Network.
The contract information and issuance information for these new versions of Tether are viewable at
https://wallet.tether.to/transparency.
The ERC20 Tether will have much lower network transaction fees and much faster confirmation times (15-30 seconds) compared with Tether on Omni. This will facilitate more efficient exchange arbitrage, and several partner exchanges are already working to integrate the new tokens.
Many Ethereum projects are building technologies envisioned to assist in moving blockchains ever closer to mainstream adoption through the revolutionization of the conservative financial world. A key element in this progression involves the development of currencies with lower inherent volatility whilst simultaneously allowing for applications which interface with the real world to, for example, pay bills, fund charities and pay salaries.
We hope these new products will act as a crucial piece of public infrastructure for the Ethereum community and associated DApps. We are excited about the possibilities this will enable for projects in the Ethereum ecosystem, and we look forward to working closely with many of them in the future and seeing new use cases for ERC20 Tether.
The contracts were audited by Phil Daian, and later by Zeppelin, and the full report on the latest version is available here
.
USD₮ Contract Address:
0xdac17f958d2ee523a2206206994597c13d831ec7
EUR₮ Contract Address:
0xabdf147870235fcfc34153828c769a70b3fae01f
