Tether and its close partner Bitfinex know the meaning of the word “trouble.” In the past few months, the controversial stablecoin and exchange have been officially accused of fraud. And yet they are still going strong.
Most recently, Paolo Ardoino, Bitfinex CTO, has announced that Tether is launching on the EOS blockchain. He stated that this platform will complement Eosfinex, a decentralized cryptocurrency exchange built on the EOS protocol. Ardoino explained that USDT currently operates on the Omni, Ethereum and TRON platforms but this is not enough. The new EOS blockchain will facilitate the operation of Eosfinex, which seems to be a highly important product for Bitfinex and USDT.
“Since it is an on chain exchange we need Tether EOS to offer EOS/USDT and crypto-to-stablecoin pairs on it. Eosfinex is one of the most awaited projects in the EOS community but we thought it would be good to start giving everyone the ability to build on Tether-EOS even before Eosfinex launch,” he said.
He added that the EOS blockchain will facilitate conversions between fiat and crypto, which is still a tricky task.
Stubborn, very stubborn
Spring 2019 is something that Tether and Bitinex will definitely remember forever. The New York Attorney General’s office has accused the two brothers in arms of serious fraud. It stated that Bitfinex took more than $600 million from Tether to cover up its losses. Besides, USDT’s lawyer finally confirmed the community’s suspicions that the stablecoin is not fully USD backed. He said that it is only 74% backed by American Dollar. Moreover, Tether recently admitted to using reserves to buy BTC.
However, the companies, which have recently asked the New York Supreme Court for help, are not giving up. In fact, they have more plans in store. Bitfinex, for example, has recently launched its IEO platform Tokinex and its first IEO for “smart commodity-money” digital asset Ampleforth (AMPL).
The launch of the EOS blockchain coincided with the coins listing on Coinbase. Now it is tradeable all around the globe with the exception of the U.K. and the State of New York.