Curve Finance, a protocol of Decentralized Finance (DeFi), announced today that it now supports Tether’s Euro-Pegged token, EURt.
This continues the mass adoption of EURt, Tether’s EURO token which, after USDT, seems to be becoming more and more attractive to meet the needs in DeFi.
Michael Egorov, CEO of Curve Finance, commented on the new development:
“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”.
Curve Finance is an automated market maker protocol designed for swapping between stablecoins and other digital tokens with low fees and slippage. Its decision to add EURt is therefore based on the possibility of responding to the market of at least 19 EU member states that are not interested in pairs with USDT.
And indeed, the euro is also the second largest reserve currency and the second most traded currency in the world, right after the US dollar.
Tether EURO (EURt) and its expansion into DeFi
Tether’s euro-pegged stablecoin is proceeding with its expansion, primarily into the world of DeFi.
In this regard, Paolo Ardoino, CTO of Tether Operations Limited said:
“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”.
Curve Finance is not the only platform to support EURt. In fact, just last week, C.R.E.A.M Finance was the first DeFi protocol to support Tether EURt’s euro-pegged stablecoin. The blockchain-agnostic, decentralized peer-to-peer lending platform, based on a fork of Compound Finance, already had other stablecoins, all pegged to the US dollar.
Not only that, in response to continued growth in demand, even the Bitfinex and Bitstamp exchanges are offering EURt trading pairs.
Meanwhile, Curve Finance tweeted a few hours ago asking for a vote on the indicator for EURt pool rewards.
“A vote for gauge for rewards for EURT pool https://dao.curve.fi/vote/ownership/60.
EURT/SEUR pool is deployed at https://etherscan.io/address/0xFD5dB7463a3aB53fD211b4af195c5BCCC1A03890
but we need etherscan to add the new version of Vyper to verify”.