Dubai], 20 Dec, 2023] — BIT, a leading cryptocurrency exchange, has announced the listing of two new stablecoins on its platform, Euro Tether (EURT) and Tether Gold (XAUT). Both assets are now eligible trading collateral across spot, perpetuals, and options markets on BIT Exchange. This strategic move further solidifies BIT's commitment to providing users with diverse options and easy access to a range of digital assets.
Euro Tether is a digital asset offered by Tether Limited and Tether International Limited. Like Tether’s USDT, 1 EURT is pegged 1-to-1 with 1 Euro, and is backed 100% by Tether’s reserves. Euro Tether combines digital currency benefits, such as instant global transactions, with traditional currency benefits, such as price stability. With a commitment to transparency and compliance, Euro Tether is a fast and low-cost way to transact with money.
Tether Gold (Gold) is a digital asset offered by TG Commodities Limited. One full XAUT token represents one troy fine ounce of gold on a London Good Delivery bar. XAUT is available as an ERC-20 token on the Ethereum blockchain. The token can be traded or moved easily at any time, anywhere in the world, and can be transferred to any on-chain address from the purchaser's Tether wallet where it is issued after purchase. The allocated gold is identifiable with a unique serial number, purity, and weight and is redeemable in the form of physical gold.
Justin Buitendam, Head of Institutional Sales at BIT, expressed enthusiasm about the listing, stating, "The addition of Euro Tether and Tether Gold to our platform marks a significant step in expanding our offerings. We are dedicated to providing our users with a wide array of digital assets to trade. The inclusion of these stablecoins not only enables greater flexibility when it comes to trading strategies, it also enhances the platform's overall versatility."
Tether commented, "BIT is a key player in the crypto exchange space, and this listing is in line with our commitment to facilitating global access to digital assets backed by the euro and physical gold. We believe offering more diverse reserve currencies in the industry promotes resilience and strengthens the overall stability of the crypto ecosystem."
EURT currently boasts a market cap of $40 million, while XAUT holds a market cap of $500 million. Although these figures are dwarfed by their US dollar-backed counterpart USDT with a market cap of $91 billion, their presence on BIT emphasizes the growing market adoption of stablecoins beyond traditional fiat currencies.
The global cryptocurrency market has been witnessing increased institutional activity and growing transaction volumes, with stablecoins playing a crucial role in providing stability amid market fluctuations. The listing of EURT and XAUT on BIT further supports the narrative of cryptocurrencies becoming more widely accepted in various financial ecosystems.
This press announcement is not an offer to sell or the solicitation of an offer to buy XAUT or EURT. Tether Limited and Tether International Limited will only sell or redeem EURT pursuant to its terms of service available (as of the date of this press release) at tether.to/en/legal. TG Commodities Limited will only sell or redeem XAUT pursuant to its gold token terms of sale and service available (as of the date of this press release) at gold.tether.to/legal.