Stablecoins are a valuable asset in the crypto ecosystem, and Circle’s USDC is one of the most well-known. And now, the blockchain technology firm has unveiled its second digital currency, the Euro Coin (EUROC), which is pegged 1:1 to the Euro.
The co-founder and CEO of Circle Jeremy Allaire broke the news on Twitter.
EUROC will follow the same tried-and-tested issuance and redemptions model as USDC. Circle claims that ‘EUROC’ will be fully backed by euro-denominated fiat reserves.
EUROC will be held conservatively in the custody of leading financial institutions within the regulatory perimeter of the United States. It is initially only accessible via Silvergate Exchange Network (SEN).
On June 30, Euro Coin will be launched as an Ethereum ERC-20 standard token on the Ethereum blockchain.
Circle aims to facilitate the frictionless exchange of financial value by bridging the gap between crypto-native and traditional financial services.
The announcement also states that EUROC tokens can be used to move euro liquidity on-chain, accept and make euro payments globally that can settle in minutes, and access crypto capital markets for trading, borrowing, and lending.
Several ecosystems, including Binance.US, FTX, Huobi Global, Anchorage Digital, Bitstamp, Compound, Curve, Fireblocks, Ledger, MetaMask Institutional, Uniswap Protocol, and others are among firms that will support the new coin.
Also Read: Circle Adds USDC Support to Polygon for Web3 Payments