- $USDC’s issuer Circle has informed that it’s launching a second stablecoin pegged to the Euro.
- The stablecoin is called Euro Coin ($EUROC) and is issued under the same full-reserve model as the USD Coin($USDC).
- $EUROC will allow Individuals and businesses to be able to move Euro liquidity on-chain offering transformative benefits to the crypto ecosystem at large.
Circle, the issuer of popular stablecoin, $USDC, in an announcement declared the launch of a second stablecoin which is pegged to the Euro.
The stablecoin, which is issued under the same full-reserve model as the USD Coin($USDC), is dubbed as Euro Coin ($EUROC). As of June 2022, USD Coin ($USDC) is a digital currency pegged by the dollar with a circulation supply of over $54 billion.
$EUROC is 100% backed by Euros held in euro-denominated banking accounts and is designed for stability, therefore, making it redeemable 1:1 for Euros.
Circle states in its pitch for Euro Coin that the stablecoin is developed with the aim to increase access to opportunities for trading, earning, paying, and building on a stable Euro digital currency. The total circulation of all Euro-denominated stablecoins is only $129 million in comparison to a whopping $156 billion in Dollar-denominated stablecoins.
The introduction of $EUROC will enable people and businesses to easily move Euro liquidity on-chain providing transformative benefits to the crypto ecosystem at large. With $EUROC and $USDC, businesses can tap new markets and transact faster on-chain with the world’s most widely-used currencies.
$EUROC will allow Individuals and businesses to be able to move Euro liquidity on-chain offering transformative benefits to the crypto ecosystem at large.
On June 30, 2022, $EUROC will be officially launched while it has plans to expand to additional blockchains later this year. On launch day, several ecosystem leaders will be supporting Euro Coin.
Uniswap, Compound, Curve, DFX, Ledger, and MetaMask International are other crypto platforms supporting stablecoin at launch.
Meanwhile, $EUROC will be available at the start on Bitstamp, FTX, Binance.US, and Huobi Global.
Source: https://www.thecoinrepublic.com/2022/06/21/circle-all-set-to-launch-euro-pegged-stablecoin-euroc-on-ethereum/