Circle introduces euro-pegged stablecoin
- Companies can use Euro Coin tokens to make and receive euro payments all over the world
- Reserves denominated in euro guarantee full backing of EUROC
- Euro Coin is supported by ecosystem leaders such as Binance.US, Anchorage Digital, Bitstamp, Curve
USDC issuer and global internet finance company Circle Internet Financial is launching Euro Coin (EUROC), a fully-backed, euro-pegged stablecoin, Invezz learned from a press release. EUROC is built on the same pillars of security, transparency, and trust that render USDC one of the most reliable stablecoins worldwide.
Easily moving euro liquidity on-chain
Companies can use Euro Coin tokens to make and receive euro payments all over the world, settle these transactions in minutes, and move euro liquidity on-chain quickly and easily. They also gain access to crypto capital markets for lending, borrowing, trading, and more.
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Reserves denominated in euro guarantee full backing of EUROC. These funds are held with Silvergate Bank and other leading establishments regulated in the US.
Jeremy Allaire, cofounder and CEO of Circle, said:
There is clear market demand for a digital currency denominated in euros, the world’s second most traded currency after the U.S. dollar. With USDC and Euro Coin, Circle is helping to unlock a new era of fast, inexpensive, secure and interoperable value exchange worldwide.
USDC has $54b+ in circulation
Circle’s first stablecoin, USDC, had more than $54 billion of circulating funds as of June 15 this year. The two stablecoins will bring faster, more affordable transactions to global commerce and provide access to innovative opportunities for on-chain forex and multi-currency digital finance. The daily volume of conventional markets is over $6.6 trillion worldwide.
EUROC launches on Ethereum Mainnet on June 30
EUROC launches on the Ethereum Mainnet on June 30. Later this year, Circle will provide support for additional blockchains. The token will be compatible with ERC-20 protocols and wallets under the Ethereum ERC-20 standard.
Binance, Bitstamp, FTX among supporters
At its launch, Euro Coin will be supported by notable ecosystem leaders such as Binance.US, Anchorage Digital, Bitstamp, Curve, Compound, FTX, Huobi Global, CYBAVO, DFX, Fireblocks, Ledger, Uniswap, and MetaMask.
While institutional clients will get access to Euro Coin at the end of the month, developers can start integrating with its smart contract today.