On Thursday, Circle’s CEO Jeremy Allaire announced that the company has launched a new stablecoin pegged to the value of the euro (EUR). Allaire said that the new EUROC token is now live on the Ethereum network and will be “available to mint and redeem on June 30th.”
Circle launches EUROC
The circle has announcement the launch of the company’s second major crypto asset, called Euro Coin (EUROC). The announcement was made on Thursday by Circle CEO Jeremy Allaire, who explained that EUROC already enjoys “broad industry support”. Circle also follows Tether Limited, which introduced a euro stablecoin called EURT in August 2016. There is currently 195.99 million EUR EURT from Tether at the time of writing and around $7 million in volume. global trade over the past 24 hours. Regarding the stablecoin’s fiat support, Circle’s new EUROC web portal states:
Designed for stability, Euro Coin is 100% backed by euros held in euro-denominated banking accounts so that it’s always redeemable 1:1 for euros.
Allaire clarifies that the new EUROC is fully regulated and will follow the same compliance framework as the USDC. “Like USDC, Euro Coin is issued within a regulated framework for the transmission of money, under the same statutes that regulate USDC, with full reserves in euros, with the same security, liquidity and transparency as the market expects from Circle,” Allaire wrote Thursday.
EUROC Already Has Support From Exchanges, Wallets, Custodians, and Defi Apps
The Circle CEO believes a euro-based stablecoin will expand payment opportunities and onchain FX. It will bolster trade finance (tradefi) and commerce as well, Allaire explained in his tweet about the project. EUROC will be accessible to individuals, exchanges, institutional traders, and businesses. Currently, EUROC is supported by Binance US, Bitstamp, FTX, and Huobi Global. In the decentralized finance (defi) world EUROC is also supported by Compound, Curve, DFX, and Uniswap.
Additionally, custodians like Anchorage Digital, CYBAVO, and Fireblocks support the new stablecoin alongside wallets like Metamask Institutional and Ledger Wallet. “Euro Coin will be available to institutional customers via a free Circle account from June 30, 2022,” Allaire concluded Thursday. “Developers can start integrating the Euro Coin smart contract today, ahead of the official launch.”
