C.R.E.A.M Finance announced today that it will be the first Defi protocol to support EURt, the new Tether tokens pegged to the euro.
According to reports, the decentraliz
ed lending protocol, has opened the doors to the Euro-pegged Tether stablecoin, taking the lead in the decentralized finance space.
In this regard, Paolo Ardoino, CTO of Tether Operations Limited, said:
“We see a huge pent up demand for euro based stablecoins in the DeFi space. We’re excited that C.R.E.A.M. Finance is the first DeFi platform to support Tether tokens pegged to euro (EURt) for yield earning services”.
Leo Cheng, Co-Founder and Project Lead of C.R.E.A.M. Finance, also expressed his opinion:
“Tether is a pioneer and leader in USD stablecoins with Tether tokens pegged to USD (USDt), a product that is a critical piece of the DeFi infrastructure. We believe that C.R.E.A.M. Finance can further DeFi’s growth into the Euro-denominated market as a launch partner in EURt”.
C.R.E.A.M. Finance is a decentralized, blockchain agnostic peer-to-peer lending platform based on a fork of Compound Finance. It already includes stablecoins such as USDT, USDC, BUSD, yCRV, yyCRV and others, as well as governance tokens COMP, BAL, YFI, LEND, CRV, CREAM, MTA, SUSHI, and others such as ETH, LINK, and renBTC.
C.R.E.A.M Finance and Tether: Euro-pegged stablecoin
C.R.E.A.M. Finance users will thus gain access to EURt for lending markets in DeFi. This comes at a time when Tether’s Euro-pegged token is seeing a growth in demand.
Indeed, exchanges such as Bitfinex and BitStamp have added new EURt pairs in order to meet this demand.
Specifically, Bitstamp reported today that the trading pairs they are currently offering are EURt/USD and EURt/EUR and that they are offering a 90% discount on trading commissions for these pairs until the end of the year.
After all, the euro is the official currency of 19 European Union member states and is the second largest reserve currency and the second most traded currency in the world after the US dollar.
This new entry of EURt into the world of DeFi, thanks to C.R.E.A.M, comes on top of another major event on the platform. Launched on Ethereum, C.R.E.A.M. Finance will soon also be available on the Binance Smart Chain (BSC).
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