On Thursday, Circle’s CEO Jeremy Allaire announced that the company has launched a new stablecoin pegged to the value of the euro (EUR). Allaire said that the new EUROC token is now live on the Ethereum network and will be “available to mint and redeem on June 30th.”
Circle Launches EUROC
Circle announced the launch of the company’s second major fiat-pegged crypto asset called euro coin (EUROC). The announcement stemmed from Circle’s CEO Jeremy Allaire on Thursday who explained that EUROC already has “broad industry support.” Circle also follows the company Tether Limited, which introduced a euro stablecoin called EURT in August 2016. There’s currently €195.99 million worth of Tether’s EURT at the time of writing and roughly $7 million in global trade volume during the past 24 hours. In terms of the stablecoin’s fiat backing, Circle’s new EUROC web portal states:
Designed for stability, Euro Coin is 100% backed by euros held in euro-denominated banking accounts so that it’s always redeemable 1:1 for euros.
Allaire states that EUROC has been fully regulated, and the Euro Coin will adhere to the same compliance standards as USDC. “Like USDC, Euro Coin is being issued under a regulated framework for money transmission, under the same statutes that regulate USDC, with full-reserves in Euro, with the same security, liquidity and transparency that the market has come to expect from Circle,” Allaire wrote on Thursday.
EUROC already has support from exchanges, wallets, custodians, and Defi Apps
Circle CEO Allaire believes that a stablecoin based on the euro will increase payment options and FX. In a tweet, Allaire said that it will also boost trade finance (tradefi), and commerce. EUROC will become available to individual traders and institutions, as well as exchanges. Currently EUROC is supported currently by Binance US and Bitstamp. Compound, Curve and DFX are also supporting EUROC in the world of decentralized finance (defi).
Anchorage Digital, CYBAVO and Fireblocks are also supporting the stablecoin along with wallets like Metamask Institutional or Ledger Wallet. “Euro Coin will be available to institutional customers via a free Circle Account starting June 30, 2022,” Allaire concluded on Thursday. “Developers can begin integrating with the Euro Coin smart contract today, ahead of the official launch.”
Circle’s new Euro coin (EUROC), stablecoin. What did you think? Comment below and let us know how you feel about the subject.
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