Circle Internet Financial, the company behind USD Coin (USDC), announced the introduction of Euro Coin (EUROC) on June 16. Euro Coin is a stable coin tied to the euro that will be available to the general public starting June 30.
Euro Coin is a regulated, euro-backed stable coin that operates on the same full-reserve concept as USDC. It is based on USD Coin’s ideals of transparency and security.
Euro Coin will bridge the gap between crypto and regular banking services. The coin is backed by euro-denominated reserves held in the custody of prominent financial institutions within the regulatory perimeter of the United States, beginning with Silvergate Bank.
Businesses can use the token to conduct high-speed Euro transactions worldwide, gain access to the crypto capital markets for financing and other purposes, and shift euro liquidity on-chain.
Circle is a financial technology company that enables businesses all over the world to use digital assets and public blockchains for trade and financial applications.
The Euro coin is Circle’s second digital currency after the widely accepted and trusted USDC, which has a circulation of over $54 billion as of June 15, 2022. According to Jeremy Allaire, the CEO, and co-founder of Circle, “Circle has set industry-leading standards for moving financial value across the internet with USDC.”
He added, “There is clear market demand for a digital currency denominated in euros, the world’s second most traded currency after the US dollar. With USDC and Euro Coin, Circle is helping unlock a new era of fast, inexpensive, secure and interoperable value exchange worldwide.”
Euro Coin will first be issued on the Ethereum Blockchain as an ERC-20 standard token. It will work with compatible wallets, protocols, and other blockchain products and services. Additional blockchain support is scheduled to be added later this year.
The token’s debut will be spectacular, with assistance from industry titans such as Anchorage Digital, Binance.US, Bitstamp, Curve, Compound, CYBAVO, Fireblocks, and Huobi.
Euro coin and USDC seek to open new avenues for on-exchange foreign exchange and multi-currency digital finance by promoting simple, rapid, and low-cost transactions.
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