Bitfinex to launch direct fiat-to-Tether trading

27 Nov, 2018 | Updated: 27 Nov, 2018
by David Robb
Bitfinex to launch direct fiat-to-Tether trading

Bitfinex has announced that it will now support the direct trading of fiat with Tether. The exchange will allow users to trade US dollars and Euros for USDT and EURT.

For customers wanting to trade fiat currency or Tether, either in its USDT or EURT form, Bitfinex customers were previously offered 1:1 withdrawals or deposits. Replacing this option by offering trading pairs apparently "reflects the increasing range of choice in the stablecoin market and demands from our consumers". It could also be linked to the recent volatility faced by Tether, which has occasionally lost or struggled to hold its dollar peg.

Read more: Binance’s USDT market is now a combined stablecoin market

Bitfinex has close ties with Tether, and it claims that it "increased visibility of Tether through some shared executive team members". The connection has been the source of much controversy, as there have been accusations that the exchange is using the top stablecoin to manipulate the markets, as well as faking its trading volume.

Read more: Bitfinex responds to article claiming it is faking its volume

Bitfinex is evidently looking to improve transparency and hopefully improve its reputation, as well as that of Tether, which many still doubt is backed by the fiat reserves that it claims to have. Needless to say, many observers on Twitter were not convinced.

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