Finance News

Circle Announces a Fully-reserved, Euro-backed Stablecoin, Euro Coin (EUROC)

Circle Announces a Fully-reserved, Euro-backed Stablecoin, Euro Coin (EUROC)
Available June 30, Euro Coin aims to usher in on-chain euro liquidity and unlock new opportunities for near-instant digital forex

Circle Internet Financial, a global internet finance firm and issuer of USD Coin (USDC), announced that it is preparing to issue a fully-reserved, euro-pegged stablecoin from the United States called Euro Coin (EUROC). Available June 30, Euro Coin is a regulated, euro-backed stablecoin issued under the same full-reserve model and built on the same pillars of trust, transparency, and security that have made USDC one of the world’s most trusted digital currencies.

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The launch of Euro Coin aims to further Circle’s successful work in driving the frictionless exchange of financial value and bridging crypto-native and traditional financial services. Businesses can use EUROC tokens to easily move euro liquidity on-chain, accept and make euro payments globally that can settle in minutes, and access crypto capital markets for trading, borrowing, lending and more. Euro Coin is fully-backed by euro-denominated reserves held conservatively in the custody of leading financial institutions within the U.S. regulatory perimeter, beginning with Silvergate Bank.

“Circle has set industry-leading standards for moving financial value across the internet with USDC,” said Jeremy Allaire, co-founder and CEO of Circle. “There is clear market demand for a digital currency denominated in euros, the world’s second most traded currency after the U.S. dollar. With USDC and Euro Coin, Circle is helping to unlock a new era of fast, inexpensive, secure and interoperable value exchange worldwide.”

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Euro Coin is Circle’s second digital currency built to the same regulatory standards and principles of transparency, accountability and trust as USDC, a leading dollar digital currency with over $54 billion in circulation as of June 15, 2022. Together, Euro Coin and USDC aim to bring faster, inexpensive transactions to global commerce and unlock new opportunities for multi-currency digital finance  and on-chain  foreign exchange (FX), where daily volume in traditional markets can top $6.6 trillion globally.

Euro Coin will initially launch on the Ethereum blockchain starting on June 30, with support for additional blockchains expected later this year. As an Ethereum ERC-20 standard token, Euro Coin will work broadly with ERC-20 compatible wallets, protocols and other blockchain services.

A number of ecosystem leaders will support Euro Coin at launch, including Anchorage Digital, Binance.US, Bitstamp, Compound, Curve, CYBAVO, DFX, Fireblocks, FTX, Huobi Global, Ledger, MetaMask Institutional, and Uniswap Protocol.

Euro Coin will be available to institutional customers via a free Circle Account starting June 30, 2022. Developers can begin integrating with the Euro Coin smart contract today, ahead of the official launch.

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[To share your insights with us, please write to sghosh@martechseries.com]

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