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Bitstamp Adds Support for Euro-Backed Tether Stablecoin Amid Increasing Demand
Access to EURT will save Bitstamp's euro users time and money without a loss of purchasing power, a Bitstamp executive said.
Cryptocurrency exchange Bitstamp is looking to cash in on the growing demand for stablecoins by adding support for tether tokens denominated in euros (EURT).
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- The exchange's users in Europe will be able to trade, deposit and transfer the cryptocurrency without needing to access other stablecoins first, according to a press release on Wednesday,
- Miha Vidmar, Bitstamp's chief product officer, said access to EURT will save users time and money without reducing their purchasing power.
- The move comes as euro-backed stablecoin demand has been increasing, with Tether rivals such as Stasis' EURS token siphoning some of Tether's dominant market share.
- Overall demand for USDT and EURT has somewhat lessened in recent weeks on the back of regulatory pressure in China and an increase in stablecoin competition.
- Still, Paolo Ardoino, Tether's chief technology officer, said he “anticipate(s) a ready uptake of EURT on Bitstamp."
- Bitstamp, which is based in the U.K., is the world's fifth-largest exchange by bitcoin trading volume, according to data from Bitwise.
Read more: Growth in Euro Stablecoins Spurs Dreams of Digital Forex Market
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
