On Thursday, Circle CEO Jeremy Allaire announced that the company has launched a new stablecoin pegged to the value of the euro (EUR) Allaire said the new EUROC token is currently live on the Ethereum network and will be “available for minting and redemption on June 30.”
Circle Launches EUROC
Circle announcedthe launchof its second major fiat-pegged crypto asset, called EuroCoin (EUROC). The announcement comes from Circle CEO Jeremy Allaire on Thursday, who explained that EUROC already has “broad industry support.” Circle also follows Tether Limited, the company that introduced the Euro stablecoin called EURT in August 2016. At the time of writing there is currentlyEUR 195.99 millionworth of Tether’s EURT, with a global trading volume of roughly $7 million over the past 24 hours. Regarding the backing of the stablecoin fiat, Circle’s new EUROC web portal states.
Designed for stability, Eurocoins are backed 100% by Euros held in a Euro-denominated bank account, so they can always be exchanged for Euros 1:1.
Allaire elaborates that the new EUROC is fully regulated and follows the same compliance framework as USDC.” Like USDC, Eurocoins are issued under the same laws and regulations that regulate USDC, under a regulated framework for the transmission of funds, in full reserve in Euros, and with the same security, liquidity and transparency that the market has come to expect from the Circle.” Allaire wrote on Thursday.
EUROC already has support from exchanges, wallets, custodians and the Defi app
. Circle CEO believes that Euro-based stablecoin will expand payment opportunities and on-chain FX. It will also enhance trade finance (tradefi) and commerce, Allaire explained in his tweet about the project.EUROC will be available to individuals, exchanges, institutional investors, and businesses. Currently, EUROC is supported by Binance US, Bitstamp, FTX, and Huobi Global. In the decentralized finance (Defi) world, EUROC is also supported by Compound, Curve, DFX, and Uniswap.
In addition, custodians such as Anchorage Digital, CYBAVO, and Fireblocks support the new stablecoin along with wallets such as Metamask Institutional and Ledger Wallet.” Eurocoin will be available to institutional clients via free Circle accounts starting June 30, 2022.” Allaire concluded on Thursday.” Developers can begin integrating with Eurocoin’s smart contracts today ahead of the official launch.”
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