Circle, the company behind the $USDC stablecoin, plans to launch its second major fiat-backed stablecoin, the Euro Coin ($EUROC).
The Euro Coin is an impressive initiative from Circle as it follows the highly successful model of the $USDC stablecoin. It will also make it possible for individuals and businesses to move euro liquidity on-chain with a stablecoin.
Notably, the Euro Coin ($EUROC) is created with a focus on stability. Thus, the coin has a 100% euro reserve which is kept in bank accounts. Making it possible for the Euro Coin to be reclaimed 1:1 for euros.
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. https://t.co/vPZkItL0Fu
— Jeremy Allaire (@jerallaire) June 16, 2022
$EUROC is available online to any user, and it will also increase access to the euro around the globe.
Looking in details, the Euro Coin ($EUROC) is available to:
- Individuals: to enable them to purchase goods and services, as well as transfer funds to friends and family across the globe. Also, to utilize the Euro Coin in the Web3 ecosystem.
- Organizations: can adopt the Euro Coin to increase payment options available to customers, therefore, growing their customer base. They can also use the coin for quick settlements to suppliers, staff, and vendors around the globe.
- Institutional traders: are also able to create markets with the coin. As well as, to leverage the arbitrage opportunities available on DeFi and digital asset exchanges.
- Exchanges: will also be looking to make the coin available to users, to help them exchange their euro for the Euro Coin. As well as, to give users the opportunity to enjoy a new digital asset trading pair.
Besides, the plan is to officially roll out the coin on June 30 on the Ethereum blockchain. There are also plans to launch on other blockchains in the future.
5/ 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. https://t.co/lUnV6m2R3B
— Jeremy Allaire (@jerallaire) June 16, 2022
Notable Partners
Ahead of the proposed launch, leading crypto platforms like Curve and Ledger are supporting the Euro Coin ($EUROC). As well as Binance.US, Huobi Global, Uniswap, MetaMask, Bitstamp, FTX, Anchorage Digital, and Fireblocks. In addition, developers can also commence integration with the Euro Coin smart contract.
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