Popular cryptocurrency exchange HitBTC has recently announced it listed an Euro-pegged stablecoin launched by the Stasis project named EURS. Using the stablecoin, the company listed a “crypto euro to crypto dollar pair” using Tether’s USDT.
According to a blog post, Stasis’ EURS token is both bringing “stablecoin transparency standards to the next level” and improving the exchange’s liquidity. Using the stablecoin, HitBTC created a stablecoin trading pair, similarly mimicking an EUR/USD pair.
On Twitter, Stasis CEO Gregory Klumov celebrated the move:
The stablecoin was launched late last month in Malta, and shortly after saw an institutional investor acquire a $10 million stake in it. EURS was launched, according to reports, to take some of the market share away from Tether’s controversial USDT token, which some claim has been used to manipulate bitcoin’s price.
On HitBTC, the EURS token is currently paired with most major cryptocurrencies, and with another stablecoin called TrueUSD (TUSD). While Tether’s USDT circulating supply exceeds $2.5 billion, TUSD’s supply is of little over $62 million.
Notably, the cryptocurrency exchange has recently been embroiled in controversy. As CryptoGlobe reported, eccentric cybersecurity pioneer John McAfee launched a campaign against it, allegedly motivated by HitBTC’s withdrawal fees on a project the known bitcoin bull invested in.
John McAfee (Bitcoin News)
The cybersecurity expert accused HitBTC of being liable for the “death of untold people,” over its lack of support for Docademic (MTC), a project that claims to offer users free health care services.
Earlier this month, McAfee revealed his team was “preparing a legal complaint” against the popular cryptocurrency exchange and its service providers, and asked the cryptocurrency community to reach out to him with issues they’ve had with HitBTC. While it wasn’t clear at the time whether the complaint went forward, CryptoGlobe reached out to McAfee about it. We were told he and his team couldn’t discuss the situation because of the complaint.
As covered, HitBTC has repeatedly been accused of selectively scamming users. One Reddit user has claimed the exchange held his funds hostage, despite having documents necessary for know your customer (KYC) and anti-money laundering (AML) checks.