You will be able to trade the newly launched stablecoin, Eurite (EURI), on Binance starting August 28, 2024.
According to the announcement published today, Monday, August 26, the crypto exchange will open spot trading pairs EUR/EURI and EURI/USDT on that day, and users can begin depositing the EURI stablecoin in preparation for trading, with withdrawals set to start on August 29.
EURI was launched on Saturday, August 24, by Luxembourg-based neobank Banking Circle. Notably, this stablecoin is compliant with the EU’s Markets in Crypto Assets Regulation (MiCA). It is reportedly the first e-money token issued by Banking Circle, making it the “first MiCA-regulated stablecoin issued and backed by a bank.”
At the launch, Banking Circle highlighted that Eurite will initially be available on Binance, followed by CoinUT Switzerland AG, with plans to roll out on additional exchanges soon.
“The launch of EURI establishes strong foundations and functionality for Banking Circle that will enable us to launch stablecoins and tokenized money in the future, providing more choice and optionality for the market,”
stated Daniel Lee, Head of Web 3 Division at Banking Circle.
Meanwhile, Binance announced that there will be no fees for platform users trading EURI pairs during the promotion period. This “zero fee promotion” begins on August 28 and will continue until further notice.
The exchange noted that the stablecoin holders have the right to redeem the stablecoin at any time and at par value, meaning users can request Banking Circle to exchange 1 EURI for 1 EUR at any given time.
According to Binance, the minting and burning of Eurite are managed by the Fireblocks Tokenization Engine, utilizing its secure Multi-Party Computation (MPC-CMP) technology to ensure safety and reliability during transactions.
This announcement comes amid Binance’s recent commitment to bolster its compliance efforts. CEO Richard Teng revealed in an interview with Bloomberg that the exchange plans to expand its workforce by 1,000 employees this year, with at least 20% dedicated to compliance. The compliance team will grow to 700 by the end of 2024, up from 500 currently.
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