USDC's Circle To Launch Euro-Backed Stablecoin
Digital assets in the survey included cryptocurrencies, NFTs, metaverse products, and related exchange-traded funds.
Today, Thursday, June 16, the cryptocurrency solution company behind USDC, Circle, announced the launch of a new stablecoin, this time backed by the Euro and dubbed Euro Coin. The coin features the same full-reserve model as USDC and allows users to always redeem at a 1:1 ratio for Euros.
1/ Get ready for #EuroCoin!
Euro Coin (EUROC) is our newest #stablecoin that will launch on June 30th.
— Circle (@circlepay) June 16, 2022
“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,” Circle said in the announcement.
The coin is built on the Ethereum blockchain and has already garnered support from exchanges like Binance, Bitstamp, FTX, and Huobi. Additional support from the DeFi sector includes Compound Finance, Curve Finance, DFX Finance, and Uniswap.Custodians and wallet solutions in support include Anchorage, CYBAVO, Fireblocks, Ledger, and MM Institutional.
The Euro Coin is now one of only a handful of stablecoins that are backed by the Euro. Others include EURt, issued by Tether, and EURS, by Stasis. As of now the makeup of the coins reserves have not been publicly disclosed, though it is assumed a large portion will be in the associated fiat currency.
Circle aims to launch the coin in the US by the end of June, pending regulatory legislation by the EU and other necessary issuance approvals.