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 now live on the Ethereum network and will be “minted and redeemed on June 30.”
Circle launches EUROC
Circle has announced the launch of the company’s second major fiat-pegged crypto asset, called Euro Coin (EUROC). The announcement stems from Circle’s CEO Jeremy Allaire on Thursday, who explained that EUROC has garnered “broad industry support.” Circle is also eyeing Tether Limited, which launched a euro stablecoin called EURT in August 2016. At the time of writing, Tether’s EURT is currently worth 195.99 million euros, with a global trade volume of around $7 million over the past 24 hours. In terms of fiat backing for stablecoins, Circle’s new EUROC portal states:
Euro Coin is designed for stability and is 100% backed by EUR in a EUR-denominated bank account, so it is always 1:1 convertible to EUR.
Allaire detailed that the new EUROC is fully regulated and will follow the same compliance framework as the USDC. “Like USDC, Euro Coin is issued under a regulated money transmission framework, with the same regulations governing USDC, fully reserves in euros, and has the same security, liquidity and transparency that the market expects from Circle,” Alai said Er wrote on Thursday.
EUROC is already supported by exchanges, wallets, custodians and Defi applications
The Circle CEO believes that the euro-based stablecoin will expand payment opportunities and on-chain foreign exchange. In a tweet about the project, Allaire explained that it will also boost trade finance (tradefi) and commerce. EUROC will be available to individuals, exchanges, institutional traders and businesses. Currently, Binance US, Bitstamp, FTX and Huobi Global all support EUROC. In the decentralized finance (defi) world, EUROC is also supported by Compound, Curve, DFX and Uniswap.
Additionally, custodians like Anchorage Digital, CYBAVO, and Fireblocks support new stablecoins as well as wallets like Metamask Institutional and Ledger Wallet. “Starting June 30, 2022, institutional clients will be able to use Euro coins through a free Circle account,” Allaire concluded on Thursday. “Developers can start integrating with Euro Coin smart contracts today ahead of the official launch.”
What do you think of the new Eurocoin (EUROC) stablecoin launched by Circle? Let us know what you think about this topic in the comments section below.
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