Euro coin: Regulated
Circle claim that, “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. The launch of Euro Coin aims to further Circle’s successful work in driving the frictionless exchange of financial value and bridging crypto-native and traditional financial services.”
Businesses can use EUROC tokens to move euro liquidity on-chain. They can also accept and make euro payments globally that Circle claim can settle in minutes. Circle also say that users can access crypto capital markets for trading, borrowing, and lending.
Circle also say that the the coin “is fully-backed by euro-denominated reserves held conservatively in the custody of leading financial institutions within the U.S. regulatory perimeter, beginning with Silvergate Bank.”
Second Stablecoin
Jeremy Allaire is the CEO of Circle. “Circle has set industry-leading standards for moving financial value across the internet with USDC. There is clear market demand for a digital currency denominated in euros, the world’s second most traded currency after the U.S. dollar. With USDC and Euro Coin, Circle is helping to unlock a new era of fast, inexpensive, secure and interoperable value exchange worldwide.”
The new coin is Circle’s second digital currency. The first, USDC, as of June 15 this year, had over $54 billion in circulation. They say that the new coin, and USDC have the goal of bringing inexpensive transactions to global commerce. They will “unlock new opportunities for multi-currency digital finance and on-chain foreign exchange (FX), where daily volume in traditional markets can top $6.6 trillion globally.”
Source: Beincrypto.com
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