Circle introduces euro-pegged stable coin Euro Coin
- June 16, 2022
- 0
Circle, a member of the central consortium, introduced the euro-pegged stablecoin Euro Coin (EUROC). Get ready for 1/ #EuroCoins! Euro Coin (EUROC) is our newest #stablecoin It will
Circle, a member of the central consortium, introduced the euro-pegged stablecoin Euro Coin (EUROC).
Get ready for 1/ #EuroCoins!
Euro Coin (EUROC) is our newest #stablecoin It will begin on June 30.
We designed it with the same full reserve model. #USDC so it can always be converted to 1:1 Euro. See how to get it https://t.co/3PclycHxPk
— Circle (@circlepay) 16 June 2022
The company noted that EUROC is a fully reserve stablecoin. The token is backed by euro-denominated reserves held by financial institutions “within the US regulatory environment.” One such organization would be Silvergate Bank.
Circle did not specify whether the collateral consists of currency only or includes other instruments such as bonds and commercial paper.
Initially, Euro Coin was released on the Ethereum blockchain as an ERC-20 standard token. They promise to add support for additional networks in the future. The initial supply of stablecoin is provided through the Silvergate Exchange Network.
The start of trading for the instrument is scheduled for June 30. According to the press release, BinanceUS will be added to the list of crypto exchanges such as Bitstamp, FTX and Huobi. DeFi protocols Compound, Curve, Uniswap and other services will also allow interaction with the asset.
In May 2022, the company announced that the stablecoin USDC, pegged to the US dollar, is fully backed by US national currency and treasury bills.
That same month, Circle began publishing its USDC reserves on a weekly basis. For this purpose, the organization has opened a special section on its website.
Recall that in April 2022, the head of Jeremy Allair said that the company is preparing to apply for a license for a cryptocurrency bank in the United States. According to him, this should happen in the “near future”.
The announcement, which follows a $400 million investment round, continues Circle’s talks with BlackRock, Fidelity Management and Research, Marshall Wace and Fin Capital.
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I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
