Renowned cryptocurrency exchange Bitstamp is looking to take advantage of growing stablecoin demand by adding support for Tether [USDT] tokens denominated in Euros [EURT].
In line with an official announcement earlier today on Wednesday, the exchange’s European users will now be able to trade, deposit and transfer without having to access other stablecoins first.
Bitstamp Chief Product Officer Miha Vidmar added that access to EURT will save its users time as well as money without reducing their overall purchasing power.
The move comes as euro-backed stablecoin demand has been increasing, with Tether rivals like Stasis’ EURS token siphoning a number of Tether’s dominant market share.
Overall demand for USDT and EURT has somewhat lessened in recent weeks on the rear of regulatory pressures within China and an increase in stablecoin competition.
Additionally, Tether CTO Paolo Ardoino outlined that he “anticipates a ready uptake of EURT on Bitstamp.”