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USDC Issuer Launches Euro-Backed Stablecoin

USDC Issuer Launches Euro-Backed Stablecoin

USD Coin (USDC) issuer Circle announced that it will launch a new stablecoin later this month that will be pegged to the euro.

In a blog post, Circle announced that the Euro Coin (EUROC) will launch on the leading smart contract platform Ethereum (ETH) on June 30.

A stable digital currency in euros

Circle says that the EUROC stablecoin will be 100% backed by euros in euro bank accounts to ensure that the EUROC can always be returned 1:1.

According to Circle, the new stablecoin will help Europeans transfer their funds to the blockchain faster.

We developed Euro Coin to improve access to trading, making money and paying, and building a stable digital currency in euros. As of June 16, 2022, the total turnover of all euro-denominated stable coins is only $129 million, compared to $156 billion for dollar-denominated stablecoins.

The launch of Euro Coin will allow individuals and businesses to easily move euro liquidity with stablecoins they can trust, bringing critical benefits to the crypto ecosystem as a whole.
With Euro Coin and USDC, businesses can tap into new markets and conduct faster on-chain transactions with the world’s most widely used currencies.

Circle says the stablecoin is optimized for use by any entity, including individuals, crypto exchange platforms, businesses, and large institutions.

According to the blog post, the coins can also be issued by businesses and deposited into accounts outside of Circle.

On June 30, businesses will be able to issue Euro coins directly from the source by depositing Euros into their Circle account through Silvergate’s Euro SEN network.

Additional deposit options are expected to be available later this year. Once trading begins, Euro Coin will be available to non-Circle account users through digital asset exchanges and Defi [decentralized finance] protocols.

Andrey Kunev

Reporter at CoinsPress

Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.

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