- Issuer of USDC, Circle, will launch a new stablecoin called Euro Coin (EUROC)
- EUROC will be officially launched on June 30th.
- Developers can now start integrating Euro coin’s smart contract today.
Circle, the financial tech firm behind USDC, will be launching a new stablecoin called Euro Coin (EUROC). The new stablecoin was designed with a full-reverse model same as USDC to ensure the coin is redeemable 1:1 for euros.
Even though traders have lost their trust to stablecoins due to the recent depegging of UST, the fintech still decided to launch the additional stablecoin backed by euro reserves. A euro-denominated reserve will be kept in custody of US regulated financial institutions for each EUROC token added into the circulation.
Users, such as entities and businesses, will be provided with an alternative euro-backed payment option, in addition to a choice for trading, borrowing, and lending. Euro Coin will be launched initially as an ERC-20 token on the Ethereum blockchain. Yet, additional blockchain support will be announced soon.
Euro Coin will be supported by crypto exchanges including Binance US, Bitstamp, FTX, and Huobi Global. Ecosystem leaders such as Compound, Uniswap, Anchorage Digital, Ledger, MetaMask, and many others will also support the new stablecoin. At first, the stablecoin will be available via Silvergate Network. Users will be able to trade and withdraw EUROC once it’s listed on exchanges.
Read CRYPTONEWSLAND on
google news
The liquidity on mainnet will start flowing on June 30th. It will be available to all that has access to the euro across borders and time zones.EUROC joins the list of tokens backed by euro, including EURt of Tether and EURS of Malta’s Stasis. Developers can now start integrating with the Euro Coin smart contract today.
Recommended News :
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
