USDC Issuer Circle to Launch Euro-Backed Stablecoin EUROC

USDC-Issuer-Circle-to-Launch-Euro-Backed-Stablecoin-EUROC
  • 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.

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.

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