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Euler becomes the first major DeFi lending protocol to accept USDT as collateral

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A majority of EulerDAO community members voted in favor of the proposal

Original source: Euler

Original compilation: 0x711&0x9F BlockBeats

Euler is built on Ethereum The permissionless lending agreement on , has become the first major DeFi lending agreement to list Tether (USDT) as a collateral asset. Last week, EulerDAO members voted on the USDT proposal and passed it by an 88% to 12% vote.

Launched in August 2022, EulerDAO allows community members to propose and vote on the development of the protocol. On September 16, the community submitted a proposal that included a series of changes to USDT on Euler, including upgrading USDT to the collateral level.

Euler Labs CEO Michael Bentley said: "With this vote, Euler Institutional holders of USDT can now be offered a previously inaccessible DeFi ecosystem. With no major lending protocols listing USDT so far, Euler increases financial inclusion while increasing Stablecoin competition within DeFi."< /p>

Therefore, USDT holders can currently use Tether as collateral for mainstream DeFi transactions (such as stETH/ETH).

Seraphim Czecker, Head of Risk at Euler Labs, said: “Using Euler’s ladder risk The decision was thoroughly evaluated and generally meets the criteria for safe lending. With the increase in Euler lending activity, the protocol plays an important role in expanding the use cases and capabilities of USDT."

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Customized for capital efficiency, Euler reduces the risks associated with lending volatile long-tail crypto assets and features multiple innovations including permissionless lending marketplaces, responsive rates, protected collateral collateral, anti-MEV liquidation, multi-collateral stabilization pools, risk-adjusted loans, and more.

For more information about Euler, please visit: https://www.euler.finance/#/< /p>

About Euler

Euler is a capital-efficient, permissionless lending protocol that helps users earn interest or hedge against volatile markets on their crypto assets without the need for trusted third parties. Euler features many innovations never before seen in DeFi, including permissionless lending markets, responsive rates, protected collateral, MEV liquidation resistance, multi-collateral stable pools, sub-accounts, risk-adjusted loans, and more. For more information, visit euler.finance.