Tether, the blockchain-enabled platform that allows fiat currency to be used like Bitcoin, announced its integration with GoCoin, a leading international blockchain payments processor.
The partnership not only expands GoCoin’s coin portfolio at checkout with Tether, it also enables its merchants transacting with Bitcoin, Litecoin and Dogecoin to quickly settle those payments with Tether instead of costly bank wires.
Tether is a platform that allows deposited US dollars – and apparently soon euros, Japanese yen and other fiat currencies – to be converted into 1-to-1 backed tetherUSD and held in online or offline wallets.
By utilizing Tether’s unique business model of linking digital currency to in-hand reserves, we’re able to stabilize value fluctuations for our merchants, making digital currency even more appealing to them
-said Steve Beauregard, GoCoin’s CEO.
Currently in private beta, each tether is backed 1-to-1 by its corresponding currency, which can be viewed and verified in real-time via the Tether.to website and on the blockchain. Tether will be fully transparent and audited to demonstrate 100 percent reserves at all times. The near-zero fees for creating and redeeming tethers, and zero-fee transfer ability, incentivizes rapid adoption and widespread use.
Reeve Collins, co-founder and CEO of Tether:
We’re proud to add such a respected name as GoCoin to our list of partners. We know both GoCoin and its customers will find peace of mind now that they can achieve the low transaction costs of digital currency with the stability of dollars.