Circle rolls out a Euro-backed stablecoin dubbed the Euro Coin which will be backed by the EUR reserves so let’s read more today in our latest cryptocurrency news today.
Circle rolls out a euro-backed stablecoin as the issuer of the USDC Stablecoin is launching the new fiat-backed digital asset dubbed Euro coin and it will be launched on the Ethereum blockchain as an ERC-20 token with more networks to follow later this year. Circle states in the press release that the Euro Coin will be fully backed by the euro-denominated reserves that are held in the custody of leading financial institutions in the US Regulatory perimeter that starting with Silvergate Bank. The Circle CEO Jeremy Allaire wrote:
“Euro Coin is being issued under a regulated framework for money transmission, under the same statutes that regulate USDC, with full reserves in Euro.”
1/ CIRCLE LAUNCHES EURO COIN: Today, we announced our 2nd major fiat-backed stablecoin, Euro Coin, which went live on Ethereum mainnet, and will be available to mint and redeem on June 30th.
— Jeremy Allaire (@jerallaire) June 16, 2022
He added that the coin will have the same security and transparency as the USDC, the second biggest stable coin with a market cap of $54.4 billion. USDC was launched on Polygon as a scaling framework for building the ETH-compatible blockchains. Allaire continued:
“Euro Coin expands opportunities for payments, on-chain FX, trade finance, commerce and broader digital asset markets use-cases. The launch is symbolic of a shift in crypto markets towards greater and greater utility value from blockchain infrastructure.”
According to the company blog post, once the trading starts Euro coin will be available for all non-circle users on the exchanges like Bitstamp, FTX, Binance, and Huobi Global but also platforms like Uniswap, Curve, and Compound. Other partners include custody service providers Anchorage digital and Fireblocks as well as the hardware wallet ledger and MetaMask as a compliant version of the wallets:
“There is clear market demand for a digital currency denominated in euros, the world’s second most traded currency after the U.S. dollar.”
According to Allaire, by offering the euro coin and USDC, the company will help to unlock the new era of fast and secure, and interoperable value exchange worldwide. While Circle’s Euro-backed stablecoin will be launched at the end of the month, the company said the developers can start integrating the coin smart contract before the launch.
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