Tether & Ethfinex collaborate on development of ERC20 Tether tokens
Tether.to is working tirelessly to disrupt the legacy financial system through a more modern approach to money. As the first blockchain-enabled platform to facilitate the use of fiat currencies in a digital manner, Tether has made headway by giving customers the ability to transact with traditional currencies across the blockchain, without the inherent volatility and complexity typically associated with a digital currency.
Following the widespread success of their Bitcoin-based USDTether, issued via the Omni Layer Protocol, Tether have now collaborated with Ethfinex on the development of the first Ethereum-based Tether, compatible with the ERC20 standard. The ERC20 Tether allows for tokenized USD to be exchanged on the Ethereum network, enabling interoperability with Ethereum-based protocols and DApps whilst allowing users to transact with fiat currencies across the Ethereum Network.
By introducing fiat tokens—digital cash—to the Bitcoin & Ethereum blockchains, Tether makes a significant contribution to a more connected ecosystem by adding digital currency benefits, such as instant global transactions, to traditional currency and traditional currency benefits, in the form of price stability, to digital currency.
Tether are proud to have collaborated with Ethfinex on the deployment of the ERC20 Tethers. Ethfinex have contributed to the project through smart contract development and will work to integrate the ERC20 tokens on their exchange as a mechanism for funding and fiat trading. 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.
Craig Sellars, Chief Technologist at Tether, commented: “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.”
The ERC20 Tether contracts were developed by Tether.to in partnership with Ethfinex. These underwent a full security review by lead auditor Phil Daian, with thanks also to Matt Di Ferranti. Please refer to Phil Daian’s full external audit report for more information: https://stableset.com/audits/tether_audit_v1/tether_audit_v1.pdf
The ERC20 Tether contract address can be found here: https://etherscan.io/address/0xd697A61D5FB4e076125e0bE647f902b02bb3A0F1
(EDIT: Contract redeployed 13/09/2017 — Thank you to Jorge Izquierdo at Aragon Project for spotting a bug with the upgrade path)