EUROC, a Stablecoin Backed by the Euro, Will be Launched by Circle


EUROC, a Stablecoin Backed by the Euro, Will be Launched

Circle Internet Financial, a global internet financial corporation and issuer of the USD Coin (USDC), stated today that it is planning to launch Euro Coin, a fully-reserved, euro-pegged stablecoin (EUROC). The introduction of the Euro Coin intends to build on Circle’s success in enabling frictionless financial value exchange. It will also aim to bridge the gap between crypto-native and traditional financial services. Euro Coin, which will be available on June 30, is a regulated, euro-backed stablecoin that will be issued using the same full-reserve mechanism and built on the same pillars of trust, transparency, and security that have made USDC one of the most trusted digital currencies in the world.

Businesses can utilize EUROC tokens to shift euro liquidity on-chain, accept and make worldwide euro payments that settle in minutes, and access crypto capital markets for trading, borrowing, lending, and more. Starting with Silvergate Bank, Euro Coin is fully backed by euro-denominated reserves stored conservatively in the custody of renowned financial institutions within the US regulatory perimeter, making it a stable and trustworthy digital currency.

Jeremy Allaire, co-founder and CEO of Circle, said that “Circle has set industry-leading standards for moving financial value across the internet with USDC.” Allaire went on to note that there was a clear market demand for a euro denominated digital currency, as it is the second most traded currency globally, surpassed only by the US dollar.  Allaire went on to say that, “With USDC and Euro Coin, Circle is helping to unlock a new era of fast, inexpensive, secure and interoperable value exchange worldwide.”

Euro Coin is Circle’s second digital currency, created to the same regulatory standards and ideals of openness, accountability, and trust as USDC, the world’s most widely used dollar digital currency, with over $54 billion in circulation as of June 15, 2022. 

Euro Coin and USDC will work together to deliver faster, more affordable transactions to global business, as well as new potential for multi-currency digital banking and on-chain foreign exchange (FX), where daily volume in traditional markets may reach up to $6.6 trillion.

Starting on June 30, Euro Coin will be available on the Ethereum blockchain, with support for other blockchains also coming later this year. Euro Coin, being an Ethereum ERC-20 standard token, will be compatible with a wide range of ERC-20 wallets, protocols, and other blockchain services. 

Anchorage Digital, Binance.US, Bitstamp, Compound, Curve, CYBAVO, DFX, Fireblocks, FTX, Huobi Global, Ledger, MetaMask Institutional, and Uniswap Protocol are among the ecosystem leaders who will support Euro Coin upon launch. Starting June 30, 2022, institutional customers will be able to access Euro Coin through a free Circle Account. Before the formal launch, developers can begin integrating the Euro Coin smart contract, allowing the coin to have a smooth launch at the end of June.

Featured Image: Megapixl © Tanaonte 

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