Tether issues 50 million USDT on EOS blockchain

EOS blockchain

Tether, the company that issues the USDT stablecoin has just issued 50 million USDT on the EOS blockchain. Tether once again issued 50 million USDT on the EOS blockchain making it the third time in the space of two months. 

Taking to Twitter, CTO of both Bitfinex and Tether, Paolo Ardoino gave key details regarding the transaction. Before this current transaction, the previous transaction that took place saw Tether make two transactions to EOS worth 10 and 25 million USDT which took place on August 29 and September 4 respectively.

The first set of USDT issued was absorbed

According to Ardoino, the first swaps that took place were quickly absorbed which necessitated the need for this new transaction. He noted that as a result of the eagerness of investors and traders on the EOS blockchain to use the USDT, Tether needed to make the token available. 

After the transaction took place, Tether saw an active movement in the market as it made a 26% surge. Even with the number of tokens that have been moved into the EOS blockchain, it is still dragging slow behind major blockchains.

EOS blockchain currently ranks fourth in terms of USDT usage

According to statistics, EOS blockchain presently ranks fourth in the list of platforms that make use of the USDT stablecoins. Presently, EOS boasts of coins worth nothing less than $40,251,000 to rank fourth position. 

TRON is leading it by a very wide margin after it hosted coins worth $4,252,709,126 while Ethereum is holding second place with coins worth $8,887,328,861. At the beginning of June, Tether made a tweet where it announced they USDT was going to launch on the OMG network. Ardoino has treated that topic as he has said that the OMG network doesn’t have an active project which could use USDT.

Ardoino said: 

 The onus is now on OMG network to initiate projects that would use the USDT

Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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