Euro Coin: Circle is launching a new stablecoin based on Ethereum

Published by

Andrew Zhoao

2 years ago

Peer-to-peer payments technology company Circle has announced a new stablecoin EUROC. It will be pegged to the euro and based under the same full-reserve model as the USD Coin (USDC) so that it’s always redeemable 1:1 for euros. The coin is officially launching on 30 June as an Ethereum standard token. Yes, you read that correct — as an Ethereum standard token!

A higher standard?

According to the statement, 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. The coin is expected to be available 24/7 and move at internet speed. So, that’s why, as creators say, EUROC unlocks new possibilities for multicurrency digital banking and near-instant foreign exchange.

Euro Coin is launching on Ethereum with support from a range of ecosystem leaders, including:

Exchanges: Binance.US, Bitstamp, FTX, Huobi Global;
DeFi: Compound, DFX, Uniswap Protocol;
Custodians: Anchorage Digital, CYBAVO, Fireblocks;
Wallets: Ledger, MetaMask Institutional.

Developers can already begin integrating with the Euro Coin smart contract before the official launch on 30 June, when liquidity will start flowing. You can get more information about it by clicking here.

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How it works

According to release information, Euro Coin will be available to anyone with an internet connection, enhancing access to the euro across borders and time zones. It will help:

Exchanges’ customers to convert euro to Euro Coin and offer access to new digital asset trading pairs and near-instant stablecoin FX.
Institutional traders make markets with Euro Coin and take advantage of arbitrage opportunities across digital asset exchanges and DeFi.
Businesses accept EUROC payments to expand their customer base and get faster cash flow. Moreover, they will be able to make payments globally to suppliers, vendors, and employees with funds that can settle in minutes.
Individuals pay for goods at participating merchants, transfer money quickly across borders to friends and family, and use Euro Coin throughout the innovative web3 ecosystem.

In a time of the crypto crash, launching a new coin can be extremely risky. Over the past few days, two stablecoins have been on the verge of collapse: USDD and USDN.

Andrew Zhoao