Simplex, a crypto-to-fiat payments provider, is adding another fiat offramp to enable its partner exchanges like Binance and Huob to sell major stablecoin Tether (USDT) to the euro.
According to an Oct. 29 announcement, Simplex has rolled out new Tether (USDT) offramps across its partner network including major exchanges like Binance, OKEx and Huobi.
A Simplex representative told Cointelegraph that the latest development marks the first time when the sell option is enabled for Tether on Simplex, stating:
“USDT has been available to purchase through our partner network for a while but ‘cashing out’ and selling directly in this currency were not […] But the sell option right now is only to euro, but buy is enabled with 50 fiat currencies.”
With the new crypto-to-fiat offramp, Simplex’s partner companies can immediately add the new feature for their users worldwide, the firm’s executives said. “Simplex enables anyone to sell USDT and convert it into euro — using our bank account via our partner network users can transfer those funds anywhere in the world,” the spokesperson noted.
To date, Simplex’s partner network includes over 200 services including crypto exchanges, brokers and wallets. Alongside centralized crypto platforms, Simplex’s partner network also includes companies like MakerDAO — a major player in decentralized finance, or DeFi.
The world’s largest stablecoin, USDT surged almost 300% in 2020 in terms of market capitalization, starting the year with a market cap of $4 billion and rising up to nearly $16 billion in October. According to an recent report by Bloomberg, Tether could surpass Ether’s (ETH) market cap by the end of 2021, becoming the second-largest crypto after Bitcoin (BTC).