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Giant payment company Circle, makers of USDC (USD Coin), have announced the launch of its second major fiat-pegged Stablecoin. Unlike USDC, the new coin is pegged to the euro and is called Euro Coin (EUROC).
The announcement came from the company’s CEO Jeremy Allaire yesterday, who asserted that EUROC has already garnered “broad industry support.”
Circle’s move imitates a similar move by Tether Limited (the makers of USDT), who introduced a euro-pegged Stablecoin called EURT in August 2016. At press time, EURT holds a market value of $52.7 million and a 24-hour trading volume of about $1 million.
On the new Stablecoin’s fiat backing, the EUROC web portal describes:
“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.”
Circle CEO Lauds New Project, Reveals Rollout Date
Allaire assured that the new Stablecoin satisfies all necessary regulations and will adopt a similar compliance framework with USDC. The Circle boss tweeted yesterday: “Like USDC, Euro Coin is being issued under a regulated framework for money transmission, under the same statutes that regulate USDC, with full reserves in Euro, with the same security, liquidity, and transparency that the market has come to expect from Circle.”
Allaire believes that a euro-based Stablecoin will go a long way toward the creation of new payment channels and on-chain FX. He explained in the Twitter thread that EUROC will improve finance (TradeFi) and commerce and would shift the crypto industry towards more utility.
EUROC will be accessible to individuals, exchanges, institutional traders, and businesses. Also, several crypto exchanges already support the new Stablecoin, some of them being Binance US, Bitstamp, FTX, and Huobi Global. In the DeFi sector, EUROC is supported by Compound, Curve, DFX, and Uniswap.
Finally, Allaire noted: “Euro Coin will be available to institutional customers via a free Circle Account starting June 30, 2022. Developers can begin integrating with the Euro Coin smart contract today, ahead of the official launch.”
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