Altcoin News: Bitfinex Moves $5 Million in USDT to EOS Blockchain

October 7, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The Bitfinex cryptocurrency exchange, in cooperation with the non-custodian trading platform EOSFinex, has converted 5 million USDT to EOS blockchain tokens.

This is the first large-scale operation to transfer USDT to EOS. For the first time, the launch of its stablecoin on the blockchain of the seventh-largest cryptocurrency Tether announced at the end of May.

According to Bitfinex, companies are thus striving to “provide the EOS DApp ecosystem with a stable and liquid store of value to reduce the risks pertaining to digital assets’ volatility.”

“Promising projects aren’t getting the light of day with current congestion and volatility issues on other chains, and that is why there’s higher DApp usage on EOS. What EOS was lacking was a stablecoin that could help these projects manage exposure to price volatility,” said Bitfinex CTO Paolo Ardoino.

Until this day, the volume of USDT issued on EOS was about $250,000, while on the Bitcoin and Ethereum blockchains about $2 billion each.

Earlier, Bitfinex and Tether announced that they were awaiting a lawsuit against them with charges of market manipulation, and urged not to believe the information, which may be represented in it.

Author: Marko Vidrih