Euro Tether (EUR₮) is a stablecoin issued by Tether, the company that operates USD Tether (USDT) and it is designed to maintain a 1:1 peg with the Euro. ^[1][2][3]

Overview

Tether firm operates like a platform and issues blockchain-based tokens that are linked to the prices of government monies like the Euro, the Dollar, and the Chinese Yuan. EURt mirrors the Euro via a decentralized network, providing a means to exchange value in crypto using a familiar accounting unit. It is a digital token pegged to fiat currency that provides individuals and organizations with a decentralized method of exchanging value while using a familiar accounting unit. ^[2][4][6]

Technology

EURt was developed by Tether Operations Limited (“Tether”), a company founded in 2014 by Brock Pierce, Reeve Collins, and Craig Sellars. Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner. ^[1][2]

Tether (EURt) operates as a second-layer token on top of the Ethereum blockchain while Tether USDt has different blockchains such as Bitcoin, Ethereum, EOS, Tron, Algorand, etc. ^[1]

Tether EURt implements Proof of Reserves (PoR) to ensure users that equal amounts of traditional currency always secure the tokens in circulation. Proof of Reserves is defined as an independent audit that proves that the decentralized digital tokens in circulation are 100% backed by a reserve of underlying assets. ^[4][6]

EURt is backed by reserves that are held in cash or cash equivalents, which include commercial paper, certificates of deposit, and other debt securities. Tether announced the conducting of regular reviews and attestations of its Euro reserves with BDO Italia, a member of the BDO Global Accounting Organization. The company aims to release public attestation reports monthly instead of quarterly. ^[7]

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