Recently, Cryptocurrency exchange Bitstamp announced that it is adding support for Tether tokens denominated in euros (EURT). Now, the European users will be able to trade, deposit and transfer without requiring to access other stablecoins first.
Well, Bitstamp is looking to cash in on growing stablecoin demand. According to exchange Stablecoins have recorded an impressive growth of 300% so far this year, rising to a market cap of more than $110B. For the first time, total on-chain trading volume has risen above $700B, showing that stablecoins are on the rise and gaining quick momentum.
Source: Bitstamp
Bitstamp said that using EURt, users will have a good chance of removing FX volatility since no USDt intermediary is needed. User can also avoid any potential loss of purchasing power if the euro loses strength. And for those who are in the euro area, everything becomes easier because they will operate in their domestic currency.
Bitstamp is also offering a hefty 90% discount on trading fees until the end of the year. And, the same goes for exchange's all FX pairs and stablecoins.
Its worth noting that Bitstamp, domiciled in the U.K., is the globe's 5th largest exchange in bitcoin trading volume. But in recent weeks overall demand for USDT and EURT has somewhat declined on the back of regulatory pressures in China and an advance in stablecoin competition.
"we’re also upbeat about all the future possibilities and products that could emerge from this launch. There’s a huge gap in the market for products which accept a euro-pegged stablecoin, making widespread acceptance even closer to reality." wrote Bitstamp.
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