The news that XAUT and EURT are now available on Bit2Me appeared on March 21. Tether made the announcement on Twitter and the announcement was also made on their official website.
💡 Bit2Me is an exchange and financial platform where users can buy, sell, store and exchange cryptocurrencies. Bit2Me was founded in 2014, according to the official website, the company employs about 30 staff, and the headquarters is located in Spain.
As part of Bit2Me's cooperation with Tether, stablecoins linked to gold and euros were added. Previously, USDT was only available to users on the Bit2Me platform.
CTO of Tether, Paolo Ardoino, announced that he was glad to place the stablecoins on the new platform, once again mentioning that stablecoins from Tether are stable and transparent.
“We are thrilled at the opportunity to bring EURT and XAUT to an entirely new platform… Bit2Me users now have access to the most liquid, transparent stablecoin on the market and will be able to move in and out of positions seamlessly and with confidence,” - said Paolo Ardoino.
Cosmin Staicu from Bit2Me stressed that he was glad to cooperate with Tether, since EURT and XAUT are important cryptocurrencies for the unstable stablecoin market.
“EURT and XAUT are exciting and essential assets to the ever changing crypto market… We believe that our users deserve the best the industry has to offer and EURT and XAUT are representative of that.”
It can be said that Tether is gradually increasing its influence on the stablecoin market not only with the help of its USDT, but also with the help of its stablecoins tied to gold and Euro. Since the beginning of 2023, Bit2Me has become the third platform where these stablecoins have appeared. In January it became known that XAUT is available on the Turkish ICRYPEX exchange, and in February EURT and XAUT became available to users of Bitget exchange.
At the time of the appearance of EURT on the Bitget exchange, the market capitalization was $220 million, today, according to CoinGecko, the market capitalization is already $224 million. In a little more than a month, the market capitalization has increased by $4 million.
Regarding gold, which is tied to XAUT, to date its market capitalization according to CoinGecko, is $489 million. In January, when the stablecoin was released on the ICRYPEX exchange, the market capitalization was approximately $463 million. In this case, we have also been observing the growth of the stablecoin since the beginning of the year by about $26 million.
The main competitor of Tether among gold-linked stablecoins is the stablecoin from Paxos - PAX Gold. To date, according to CoinGecko, its market capitalization is slightly more than $511 million. Since the beginning of the year, its market capitalization has increased by about $3 million.
Nevertheless, Tether’s example shows that stablecoins pegged to Euro, Gold or anything other than US dollar are far less popular. While market cap of USDT is counted in billions, the second largest is XAUT which hardly reaches half a billion at the time of writing. We continue our Observations and will inform you about the news!