Source: Ethfinex Blog
Tether & Ethfinex collaborate on the development of ERC20 Tethers.
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 tokenised 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.
Ethfinex are proud to have collaborated on the deployment of the ERC20 Tethers. Our team has contributed to the project through smart contract development and will work to integrate the ERC20 tokens on our 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.
Ethfinex, along with a multitude of Ethereum projects, are building technologies envisioned to assist the Ethereum community in moving ever closer to mainstream adoption through the revolutionization of the conservative financial world. A key element in this progression involves the development of currencies with lower inherent volatility whilst simultaneously allowing for applications which interface with the real world to, for example, pay bills, fund charities and pay salaries.
“We see Tether as a crucial piece of public infrastructure for the Ethereum community and associated DApps. We are extremely excited about the possibilities this will enable for many other projects in the Ethereum ecosystem, and we look forward to working closely with many of them in the future.” Commented Will Harborne, Project Lead at Ethfinex. “We continue to be committed to the Ethereum community, and we are excited to continue the development of tools and products which contribute to the widespread adoption of Ethereum.”
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 Vlad Zamfir, Matthew Di Ferrante and several other auditors and reviewers who provided feedback.
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)
Reflecting the nature of the Ethereum ecosystem itself, Ethfinex is a community and information hub for Ethereum-based projects, envisioned to facilitate learning, discussion and analysis of Ethereum ERC20 tokens whilst simultaneously offering access to a highly liquid and advanced trading platform.