CREAM Finance, a decentralised lending protocol, will be the first protocol in the decentralised finance (DeFi) space to offer a euro-backed stablecoin with the addition of tether tokens pegged to the euro (EURt).
“We see a huge pent up demand for euro based stablecoins in the DeFi space,” says Paolo Ardoino, CTO at Tether Operations Limited. “We’re excited that CREAM Finance is the first DeFi platform to support Tether tokens pegged to euro (EURt) for yield earning services.”
CREAM Finance users will obtain access to EURt for lending and borrowing markets, amid mushrooming demand for euro-pegged stablecoins among its user base. Users can also obtain access to Tether tokens pegged to USD (USDt) on CREAM Finance.
“Tether is a pioneer and leader in USD stablecoins with Tether tokens pegged to USD (USDt), a product that is a critical piece of the DeFi infrastructure,” says Leo Cheng, Co-Founder and Project Lead at CREAM Finance. “We believe that CREAM Finance can further DeFi’s growth into the Euro-denominated market as a launch partner in EURt.”
EURt is growing in popularity across the digital token space with Bitfinex and BitStamp listing new Tether EURt pairs to support burgeoning demand. The listing of these pairs offers users on these platforms additional fiat onramp options when looking to earn a yield in euros.
The euro is the official currency for 19 European Union member states and is the second-largest reserve currency and the second-most traded currency in the world after the US dollar.