USDC issuer, Circle Internet Financial, has released Euro Coin (EUROC), a euro coin stablecoin backed by full reserves.
Circle officially announced the release of the Euro Coin on the 30th of June, noting that the stablecoin utilized the same full-reserve model as the USD Coin (USDC).
The stablecoin issuer had revealed plans to launch EUROC back in mid-June. Circle said the purpose of the Euro Coin is to establish frictionless exchange of financial value. Also, the coin aims at creating a connection between crypto-native and traditional financial services. CEO Jeremy Allaire claimed a market demand for a euro-backed digital currency. Noting that USD and Euro are the world’s most traded currencies, the CEO said USDC and Euro Coin will help Circle “unlock a new era of fast, inexpensive, secure and interoperable value exchange worldwide.”
Announcing the release of the USDC, Circle said it is a new era for the foreign exchange market and digital finance.
“Euro Coin is a euro-backed stablecoin that’s available 24/7 and moves at internet speed. Together, Euro Coin and USDC unlock new possibilities for multi-currency digital finance and near-instant foreign exchange, where daily volume in traditional markets can top $6.6 trillion globally.”
Circle Unveils Euro Coin
All that is required is an internet connection to access the Euro Coin. The stablecoin enhances accessibility to the euro regardless of border and time zone restrictions. Both exchanges and institutional traders can use the EUROC. Similarly, businesses can expand their customer base by including Euro Coin as a payment option. Business owners can also make global payments to vendors, suppliers, and employees with the newly-released stablecoin. Individuals can also use the Euro Coin to pay for goods at participating merchants. Additionally, “developers can integrate Euro Coin smart contracts and tap into growing liquidity.”
As the Euro Coin launches, Circle highlights certain industry leaders supporting the new stablecoin. Exchanges include Bitpanda, Bitget, and Huobi Global, while supporting DeFi is Compound, Curve, DFX, and Uniswap Protocol. While the custodians of the stablecoin include Anchorage Digital, Fireblocks, and CYBAVO, EUROC can be held in Ledger and MetaMask wallets. More exchanges like Binance.US, FTX, Bybit, and Bitstamp will expectedly support the stablecoin this new month.
As more exchanges join the train, Circle hopes to launch Euro Coin on more blockchains later in the year. The company said businesses could mint and redeem EUROC using a Circle account connected to Silbergate’s Euro SEN network.
next“Euro Coin will also be accessible through our exchange partners as liquidity builds in the ecosystem. Exchanges will enable people and businesses to convert euros to Euro Coin, trade for Euro Coin, and withdraw Euro Coin to Ethereum-compatible wallets to participate in DeFi.”