Cryptocurrency exchange Bitstamp is looking to cash in on the growing demand for stablecoins by adding support for tether tokens denominated in euros (EURT).
- 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.