Circle, the issuer of stablecoin USDC, announced yesterday (16) that it will issue Euro Coin (EUROC), a stablecoin pegged to the euro, which is 100% reserved in euros and can be redeemed in euros at a ratio of 1:1 at any time.
Circle issues Euro Coin
Circle said it will issue Euro Coin because it wants to increase the opportunities for transactions, payments and the establishment of a stable currency in euros. As of June 16, 2022, the total circulating supply of stablecoins denominated in euros is only $129 million, and stablecoins denominated in dollars are $156 billion. It was seeing this gap and the lack of liquidity in the euro stablecoin market that prompted the launch of Euro Coin.
As mentioned above, EUROC will fully reserve in euros, and the reserve assets will be managed by major financial institutions under the supervision of the United States, currently Silvergate Bank.
Euro Coin is expected to be launched on Ethereum on 6/30. Enterprises can use EUROC tokens to easily transfer euro liquidity on the chain, accept and make euro payments worldwide, and complete settlement in minutes, easily entering the crypto capital market Transactions, loans, etc.
With the promotion of the use of Euro Coin, it is expected that more blockchains will be supported in the second half of the year. At present, many companies, exchanges, and protocols will support the use of EUROC after its launch, such as Binance.US, FTX, Curve, Compound, Uniswap, etc.
“There is clear demand for a digital currency denominated in the euro, the second most traded currency in the world after the US dollar. With USDC and Euro Coin, Circle is launching a fast, cheap, secure, and interoperable worldwide A new era of sexual value exchange,” said Circle CEO Jeremy Allaire.
At this time, many investors also turned their attention to the mining machine market, and gradually increased their positions and entered the market by investing in mining machines.
Post time: Aug-07-2022