Simplex, a cryptocurrency payment service provider to fiat currencies, is adding another legal order to allow exchange partners like Binance and Huob to sell large Tether (USDT) coins for the euro.
According to the announcement on October 29th, Simplex has launched new Tethers (USDT) across its partner network, including major exchanges such as Binance, OKEx and Huobi.
A spokesperson for Simplex told Cointelegraph that the latest developments mark the first time that a sales option has been activated for Tether at Simplex, saying:
“For some time, USDT was available for purchase through our network of partners, but the“ payment ”and direct sales in this currency were not […] but the option to sell now is only the euro, but it is possible to buy for 50 fiat currencies.
With the new move from cryptocurrency to fiat currency, Simplex partner companies can instantly add a new feature to users around the world, according to the company’s management. The spokesperson said: “Simplex allows anyone to sell the US dollar and convert it into euros – using our bank account through our network of partners, users can transfer this money anywhere in the world.”
Today, Simplex’s partner network includes more than 200 services, including cryptocurrency exchange platforms, brokers and wallets. In addition to central crypto platforms, Simplex’s partner network also includes companies such as MakerDAO, a major player in decentralized finance, or DeFi.
USDT, the world’s largest stable currency, rose nearly 300% in 2020 by market cap, starting the year with a market value of $ 4 billion and rising to nearly $ 16 billion in October. According to a recent Bloomberg report, by the end of 2021, Tether could exceed the market value of Ether (ETH) and become the second largest cryptocurrency after Bitcoin (BTC).