EOS Jumps 26 Percent as Tether Moves 25 Mln USDT to Its Blockchain

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Fri, 09/04/2020 - 14:39
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Alex Dovbnya
Tether finally expands its presence on the EOS blockchain, minting 25 mln USDT tokens
EOS Jumps 26 Percent as Tether Moves 25 Mln USDT to Its Blockchain
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Tether, the flagship stablecoin issuer, has just moved 25 mln USDT tokens to the EOS blockchain.

This coincided with EOS surging over 25 percent over the last 24 hours, leading the broader relief rally.

EOS
Image by tradingview.com

Tether is warming up to EOS

The USDT stablecoin first became available on the EOS blockchain (EOSIO) back in May 2019 as a result of a partnership with developer house Block.one. The Tether-EOS smart contract was peer-reviewed by Canadian block producer EOS Canada.

This came shortly after Tether introduced a Tron-based version of its dollar-pegged cryptocurrency in the same month.

Unlike Tron, EOS has failed to gain significant traction, currently accounting for a pitiful $15 mln of all USDT tokens (only 0.1 percent of the total circulating supply).

The 25 mln swap, while being relatively insignificant, indicates that Tether might be done kicking the tires of the EOS blockchain.

Block.one CEO Brendan Blumer touted EOS's "unrivaled performance" and "developer friendliness" while commenting on Tether's latest move:

Less performant platforms have quickly hit practical scalability and performance limits, but have acted as a functional Testnet for a wide range of DeFi models. Welcome to EOS's unrivaled performance, developer friendliness, and token-holder empowerment.

Related
Tether Continues to Abandon Tron by Converting 500 Mln USDT to Ethereum

Stealing Ethereum's lunch

EOS—which became the 4th biggest cryptocurrency in April 2018—has been mostly on the sidelines throughout 2020.

The cryptocurrency that was on everyone's lips in early 2018 was recently surpassed by Tron in terms of market capitalization following the launch of JustSwap DEX.

Now, Block.one is becoming increasingly focused on stealing Ethereum's DeFi lunch, but it remains to be seen whether it will have the second-move advantage.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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