DeFiChain Becomes One of the First Blockchains to Fully Integrate Euro Coin, a Euro-backed Stablecoin

Place/Date: Singapore - March 20th, 2023 at 7:12 pm UTC · 3 min read
Contact: Benjamin Rauch, Source: DeFiChain

DeFiChain Becomes One of the First Blockchains to Fully Integrate Euro Coin, a Euro-backed Stablecoin
Photo: DeFiChain

DeFiChain, the world’s leading blockchain on the Bitcoin network dedicated to bringing decentralized financial applications and services to everyone, has announced the debut of the Euro-backed stablecoin Euro Coin (EUROC) on its native blockchain. DeFiChain is one of the first blockchains to fully integrate a Euro-backed stablecoin.

On DeFiChain, the EUROC will have the same support as the USDC and USDT. It means Cake DeFi will act as a custodian and issue dEUROC, a dAsset representing the EUROC stablecoin on the DeFiChain DEX. Users will also be able to transfer it from Ethereum to DeFiChain and vice-versa via the Quantum Bridge. In the near future, DFX Swiss, a gateway between fiat and crypto, will also add an easy Euro to EUROC on-ramp for DeFiChain users.

Full rewards became available on Block #2,772,200 at ~10AM UTC on Monday, March 20th. The dEUROC-dUSD pair will get 5% of the dAsset block rewards while the dEUROC-DFI will get 0.74% of the crypto block rewards. The actual APRs could vary based on the block reward allocation dedicated to the new pools.

Andreas Osberghaus aka mrgrauel, a community member and the Creator of the DFIP to bring EUROC to DeFiChain, said:

“Having a Euro stablecoin on DeFiChain has been a long-standing desire within the community, aiming to simplify the entry process for new users from the Eurozone. That’s why I decided to set up a DFIP (DeFiChain Improvement Proposal). Now, no one is forced to convert to US dollars or take on currency risk any longer.”

The special DeFiChain Improvement Proposal (DFIP) to bring EUROC to DeFiChain received an overwhelming response from the community, with 96.51% of the 1,862 votes in its favor.

The Euro Coin (EUROC) maintains a 1:1 ratio with the Euro, meaning for every Euro-backed stablecoin issued, the issuer Circle holds an equivalent amount of Euro in reserve. There has been a growing demand for the Euro-backed stablecoins in the crypto ecosystem. The dEUROC can either be held as an investment, traded on the DeFiChain DEX, or used for Liquidity Mining to earn attractive rewards.

The availability of EUROC will help bring more liquidity on the DeFiChain DEX. It will allow users to invest with Euro instead of USD, improving the user experience for most European users and accelerating adoption. Users will be able to use EUROC to easily move Euro liquidity on-chain, accept and make euro payments globally, and access crypto capital markets for trading, borrowing, lending and more.

DeFiChain is a fully decentralized blockchain with on-chain governance. Since its mainnet launch in May 2020, the project has seen an enthusiastic involvement from the community in almost all aspects of the blockchain, from masternodes, projects, tools, governance, economic ideas, to code governance. Its codebase has been developed in an open source manner, and widely peer-reviewed and discussed by many.

About DeFiChain

DeFiChain is a decentralized Proof-of-Stake blockchain created as a hard fork of the Bitcoin network to enable advanced DeFi applications. It is dedicated to enabling fast, intelligent, and transparent decentralized financial services. DeFiChain offers liquidity mining, staking, decentralized assets, and decentralized loans. The DeFiChain Foundation’s mission is to bring DeFi to the Bitcoin ecosystem.

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