C.R.E.A.M Finance becomes first DeFi protocol to adopt Euro-pegged tether (EURt)

C.R.E.A.M Finance has just announced its platform will be the world’s first to begin offering Euro-pegged tether tokens (EURt) and a Euro stablecoin.

Users of the platform will be the first to obtain access to the EURt for lending and borrowing markets, alongside other tether token offerings such as the USDt.

C.R.E.A.M. Finance is a Taipei-based decentralised lending protocol for individuals and institutions to access financial services.

It forms part of the Yearn Finance DeFi ecosystem, and operates as a permissionless, open source and blockchain agnostic protocol serving a userbase across the Ethereum network, Binance Smart Chain and Fantom.

Paolo Ardoin, chief technical officer at Tether Operations Limited, said the announcement comes at a time of growing demand for a Euro stablecoin following this week’s volatile crypto market price ranging.

“We see a huge pent up demand for Euro-based stablecoins in the DeFi space,” he said.

“We’re excited that C.R.E.A.M. Finance is the first DeFi platform to support tether tokens pegged to euro (EURt) for yield earning services.”

The new EURt will enable C.R.E.A.M finance users to deposit euro (EUR) and swap, transfer or trade it to the stablecoin while maintaining the same value free from the impacts of Forex volatility.

“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,” said Leo Cheng, co-founder and Project Lead at C.R.E.A.M. Finance.

“We believe that C.R.E.A.M. 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 recent news that Bitfinex and BitStamp are listing new EURt pairs to support the burgeoning demand.

The listing of these pairs offers users on these platforms additional fiat onramp options when looking to earn a yield in euros.

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