As the crypto world expands, new coins are being introduced to the market every week. It is no secret that cryptocurrencies can be volatile, changing their value according to the movements in the market and other factors that affect them like new policies, competition from other crypto, celebrity endorsements, overall sentiment of the crypto market, etc.
This is where stablecoins come, bridging traditional fiat currencies and digital assets to give less volatile coins. While most people are familiar with Tether’s USDT (pegged to the US dollar), Euro Tether (EURT) is for users who prefer the euro as their base currency. In this article, let us take a closer look at Euro Tether, see what it is all about, and how to buy it.
What Is Euro Tether (EURT)?
Euro Tether (EURt) is a stablecoin created by Tether Limited, which is the same company behind USDT, the world’s most widely used stablecoin. EURt is pegged 1:1 to the euro, which means for every EURt token in circulation, there is an equivalent euro held in reserve. This stability makes EURT an attractive option for investors and businesses that want to invest in crypto without the extreme volatility that comes with other crypto like Bitcoin or Ethereum
Stablecoins like EURT are especially useful for transferring value quickly and securely across borders, hedging against crypto volatility, and gaining exposure to the euro in the digital economy.
Key features of Euro Tether (EURT)
- Each EURT token is backed by one euro held in reserve, which gives stability to prices and minimizes volatility.
- Tether provides regular audits to prove its reserves, allowing users to verify that the token is fully backed.
- EURT allows users to send euros digitally without relying on traditional banking systems.
- As it is a stablecoin, EURT can be used in decentralized finance (DeFi) applications, such as lending platforms, liquidity pools, and decentralized exchanges.
- Transactions with EURT are typically faster and cheaper than traditional bank transfers.
Uses of Euro Tether
EURT offers an easy and accessible option for those who wish to hold or trade euro-pegged digital assets. It provides stability within a volatile market and is a safe space for investors during price swings. The Euro Tether token mainly serves as a medium of exchange and a store of value. It also simplifies transactions as businesses and individuals dealing in euros can use EIRT for faster and cheaper payments.
EURT also provides an alternative for those who want exposure to the euro rather than the US dollar in their crypto portfolio. It is mainly used by traders and investors to stay clear of volatility with crypto that has the stability of fiat euro, to execute peer-to-peer transactions, and to efficiently trade Non-Fungible Tokens (NFTs) and crypto.
How to buy Euro Tether (EURT)?
If you want to buy Euro Tether (EURT), it is pretty much a smooth process. Here’s a step-by-step guide to help you through it:
Step 1: find a crypto exchange where EURT is listed
The first step is to find a crypto exchange where EURT is listed. Popular platforms like Binance, Bitifinex, Kraken, and others support EURT trading pairs.
Step 2: Create an account
If you don’t already have an account, sign up on the exchange you have chosen and create your account. This means providing your email address, creating a secure password, and completing any necessary identity verification (KYC).
Step 3: Fund your account
After registration, you will need to fund your account with some fiat money or crypto. Most exchanges accept deposits in fiat currencies like euros and US dollars through bank transfers, credit/debit cards, or third-party payment providers. You can also buy with cryptocurrencies like Bitcoin and Ethereum by sending the funds from your external wallet to your exchange wallet.
Step 4: Search for EURT trading pairs
On the exchange, search for EURT in the trading pairs section. For example, you might find pairs like EURT/EUR, EURT/USDT, EURT/BTC, etc. You get the drill. Once you have found the EURT trading pair, you can place an order. A market order will help you instantly purchase EURT at the current market price, while with a limit order, you can set a specific price at which you would like to buy EURT, and the trade will be executed when the price matches your order.
Step 5: Place an order
After purchasing EURT, transfer your tokens to a secure wallet. Cold wallets like Ledger and Trezor give you maximum security for long-term storage. Or you can go for a hot wallet like MetaMask and Trust Wallet, which will be ideal for frequent transactions.
By following these steps you can easily acquire Euro Tether and use it within the crypto market.
Final Thoughts
Euro Tether (EURT) is a stable solution for users who prefer to experience less volatile prices in their digital currencies. Euro Tether has become a key player in the growing stablecoin market with its pegged value, transparency, and integration into various platforms. It is backed by reserves and its transparency instills confidence among users. As with any investment, it is important to research well and analyze the risks surrounding it before buying or using Euro Tether.
Disclaimer: This is not financial advice and is based on public information. Please DYOR and be informed before deciding to invest in any crypto.