Circle launches Euro Coin

The release of Euro Coin (EUROC) was announced by global fintech firm, Circle, on Thursday, June 16, 2022. Circle is the same firm that launched the United States Dollar Coin (USDC). Like USDC, Euro Coin will be a fully reserved, Euro-backed stablecoin.

How the Euro-backed stable coin works

The Euro Coin will function the same way as the Dollar Coin. Thus, 1 EUROC and 2 EUROC will be the equivalent of €1 and €2 respectively.

As a regulated stablecoin, Euro Coin will be issued under the same full-reserve model of USDC. More importantly, the stablecoin was built on the same standards of security, transparency, and trust that have made USDC one of the most used digital currencies in the crypto finance space.

Circle’s introduction of EUROC will help bridge traditional financial services and cryptocurrencies. Several businesses that do not have direct access to the Euro can use EUROC tokens as on-demand liquidity (ODL) to make and accept payments globally which settle in minutes.

Aside from this, the Euro Coins as a tradable token can be used to access crypto capital markets such as lending, borrowing, and trading.

To ensure the security of the stablecoin to help prevent the ghosts of TerraUSD (UST), Circle has ensured that EUROC has 100% backing of euro-denominated reserves held conservatively in the custody of some of the leading institutions in the financial sector of the United States regulatory perimeter such as Silvergate Bank.

Speaking on the launch of EUROC, co-founder and CEO of Circle, Jeremy Allaire said, “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."

Starting from June 30, EUROC will be made available to institutional clients through a free Circle Account. Uniswap, Huobi Global, Bitstamp, Curve, and Binance.US are among the exchanges that will be supporting the stablecoin.

This will play an invaluable role in the lives of millions of people who would love to go about their financial lives with EUROC rather than USDC or other currency-backed stablecoins.