Ireland-based digital payment service provider Decta has announced a partnership with French fintech startup Next Generation to launch a new Euro-pegged stablecoin.
The stablecoin, named EURT, will be initially issued on the Stellar blockchain, with plans to support three additional platforms.
Decta that the collaboration aims to leverage its regulatory expertise and e-money management capabilities, while Next Generation will oversee the technological framework for issuing, burning, and distributing EURT.
Patrick Hayes, CEO of Decta, emphasized the importance of regulatory compliance and client protection in this initiative.
“As a regulated eMoney entity, our priority is always to safeguard client funds and manage them correctly. Partnering with Next Generation on the EURT initiative represents an exciting opportunity to bring a secure and compliant Euro stablecoin to the market,”
Hayes stated.
The launch of EURT comes amid growing interest in Euro-pegged stablecoins and increased regulatory scrutiny of digital assets in Europe.
Suren Hayriyan, President of Next Generation, expressed optimism about the growth potential of Euro-pegged stablecoins, noting that though they currently hold a “small market share compared to their American counterparts,
” the companies expect a rapid increase in demand. Businesses, entrepreneurs, and private users stand to benefit significantly from reduced conversion costs,”
Hayriyan said.
RELATED: Crypto.com Secures Regulatory Approval to Offer Crypto Services in Ireland
The partners declared that the EURT initiative will strictly adhere to the Markets in Crypto-Assets Regulation (MiCA) requirements, ensuring full compliance with European regulatory standards. The companies noted that a top-tier international auditing firm would audit the reserves backing EURT.
Next Generation and Decta also noted plans to establish strategic partnerships with reputable financial institutions to broaden EURT’s accessibility and utility.
In a related development, Matera announced a strategic partnership with El Salvadorian fintech company eNor Securities on a new product that will facilitate seamless transactions between fiat, stablecoins, and bitcoin for fintech firms and banks. The product will integrate Matera’s Digital Twin, Wallet-as-a-Service, and QR Code Payment solutions to enhance cross-border payments. The product is expected to be available to eNor’s retail and corporate customers starting in September 2024.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with Markets PRO, DeFi Planet’s suite of analytics tools.”
