Circle Launches a Fully-Reserved, Euro-backed Stablecoin

Euro Coin: Circle Internet Financial is a global internet finance firm. They are the issuer of the USD Coin (USDC). They are preparing to issue a fully-reserved, euro-pegged stablecoin from the United States. It will be dubbed Euro Coin (EUROC), and enthusiasts will be able to get them on June 30.

At first, the new coin will launch on the Ethereum blockchain. Support on additional blockchains is planned soon after. It is an Ethereum ERC-20 standard token, and will work with ERC-20 compatible wallets, protocols and blockchain services.

Several ecosystems will support the new coin, including Binance.US, FTX, Huobi Global, Anchorage Digital, Bitstamp, Compound, Curve, Fireblocks, Ledger, MetaMask Institutional, and Uniswap Protocol, plus others.

Euro coin: Regulated

Circle claim that, “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. 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 move euro liquidity on-chain. They can also accept and make euro payments globally that Circle claim can settle in minutes. Circle also say that users can access crypto capital markets for trading, borrowing, and lending.

Circle also say that the the 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.”

Second Stablecoin

Jeremy Allaire is the CEO of Circle. “Circle has set industry-leading standards for moving financial value across the internet with USDC. 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.”

The new coin is Circle’s second digital currency. The first, USDC, as of June 15 this year, had over $54 billion in circulation. They say that the new coin, and USDC have the goal of bringing inexpensive transactions to global commerce. They will “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 can be acquired with e Circle Account starting June 30, 2022. Developers can integrate with the Euro Coin smart contract today, however.

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