Tether is issuing USDT and EURT tokens on the blockchain …
Tether issues USDT and EURT tokens on the Ethereum blockchain
The issuer of cryptocurrency tokens pegged to fiat currencies, Tether has earned a controversial reputation over the years of its existence. His solutions are actively used by cryptocurrency exchanges, since they allow them to create trading pairs with pseudo-dollars and thus bypass the requirements of regulators. According to the company’s information, each such token is backed by the US dollar in its account. However, skeptics believe Tether maintains a fractional reserve and uses its own printing press to artificially boost cryptocurrencies..
In any case, these accusations do not prevent the company from continuing to function, which has decided to issue USDT and EURT tokens pegged to the US dollar and euro, respectively, on the Ethereum blockchain..
Tether previously used the Omni platform, designed to create custom smart contracts on the Bitcoin blockchain. However, after the wallet was hacked in November last year, as a result of which attackers stole USDT tokens worth $ 30 million, the company decided to update the system..
“Given the success of our Bitcoin-based USD Tethers issued through the Omni Layer Protocol, today we are launching USD and Euros as Ethereum-based Tethers, ERC20-compliant,” the company writes..
Tether cites high fees and slow confirmation of transactions as the main reasons for the change in protocol – problems that, in their opinion, the Ethereum network is devoid of. The company claims that the new tokens will be compatible with applications and other assets on the Ethereum blockchain..
“Several exchanges are already working on integrating new tokens,” writes Tether.
The company also says it has conducted two codebase and contract audits, with help from Zeppelin Audits and researcher Phil Dayan. During the audits, critical errors and vulnerabilities were not found. Zeppelin recommended that Tether implement several mid-range solutions, later adding: “The Tether team followed our recommendation and updated the Tether token contract.”.
Phil Dayan said that if the company follows the guidelines, Tether’s ERC20 contracts will launch “in a well tested and secure configuration.”.
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