Curve Finance, an automated market maker protocol developed for swapping between stablecoins and various other crypto tokens with low fees and slippage, reveals that it will be supporting Tether tokens pegged to the euro (EURt).
The addition of EURt to Curve — a protocol developed to create deep on-chain liquidity using “advanced bonding curves” — forms part of “a surge in interest for the Tether token pegged to the euro in the digital token space,” according to an update shared with CI.
Paolo Ardoino, CTO at Tether Operations Limited, a company that is reportedly being investigated for criminal charges such as large-scale money laundering by the US DoJ, noted:
“As DEX’s grow in popularity, so do the requirements of their user base and we see great potential uptake of Tether tokens on the platform. We are excited that Curve is now supporting EURt.”
Michael Egorov, CEO at Curve Finance, stated:
“Adding EURt represents an important step towards moving Forex markets on-chain and to a world where the financial system will be fully decentralized. Historically both Tether and us were mostly focused on USD-denominated stablecoins. But we think the addition of EURt is an important step in a world that consists of multiple countries having non-USD stablecoins.”
As mentioned in the announcement, EURt is growing in popularity across the crypto token space with Bitfinex and BitStamp listing new Tether EURt pairs “to support burgeoning demand.” The listing of these pairs “offers users on these platforms additional fiat onramp options when looking to earn a yield in euros.”
The euro is the official currency for 19 EU member nations and is the second-largest reserve currency and the second-most traded currency globally (second only to the US dollar).
As previously reported, Curve Finance is an automated market maker protocol designed for “swapping between stablecoins and other digital tokens with low fees and slippage.”
Trading pools, which are supported by Curve Finance, “consist of a variety of leading digital tokens, mostly pegged to US dollar, Ethereum and Bitcoin,” the company explained.
