Tether, a provider of tokenized traditional government-backed currencies, has partnered with Ethfinex to launch Tether ERC20 token on the ETH blockchain network.
The deployment of the ERC20 Tethers, will allow tokenized US dollar to be exchanged on the Ethereum network.
“The ERC20 Tether represents a key opportunity to enable and facilitate the adoption of blockchain technologies (and the use of the Ethereum network) by more mainstream consumer applications by bringing the stability and utility of fiat currencies to the cryptosphere,” Tether said in its press statement.
Ethfinex developed smart contract for the project. It will now integrate the ERC20 tokens on their exchange as a mechanism for funding and fiat trading.
Tether chief technologist Craig Sellars said: “Following the success of our widely used US Dollar tokenisation on the Bitcoin blockchain, this latest version enables interoperability with Ethereum-based protocols and DApps. We believe this new development will reduce the current interbank delays often involved in exchange withdrawal and allow our users access to tokenized USD – a first for the industry.”