Cryptocurrency exchange Bitfinex has transferred $5 million worth of USDT onto the EOS blockchain network, Finance Magnates reports.
The decision to transfer millions of dollars was made in order to reduce the volatility risks of cryptocurrencies.
Paolo Ardoino, the Chief Technology Officer at Bitfinex, claims the projects aren’t getting the light of day with current congestion and volatility issues on other chains, and "that is why there’s higher DApp usage on EOS."
"What EOS was lacking was a stablecoin that could help these projects manage exposure to price volatility," Ardoino added.
Earlier Hong Kong-based cryptocurrency exchange launched new bitcoin and ethereum derivative products in pairs with the stablecoin USDT. The available pairs are BTCF0/USDt0 and ETHF0/USDt0.
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