Circle Internet Financial, the company behind USD Coin (USDC), has launched a fully secured stablecoin pegged to the euro. This shows a growing demand for cryptocurrency exchange services despite recent price volatility.
EUROC (Euro Coin)
Regulatory stablecoin Euro Coin (EUROC) will make its debut on June 30. Like USDC, Euro Coin is fully backed by reserves. In this case, the euro. Each EUROC token in circulation has an equivalent euro-denominated reserve held in escrow by financial institutions regulated in the United States.
Silvergate Bank, a cryptocurrency-friendly financial institution, will be the first trustee of the new coin.
In the beginning, EUROC will be an ERC-20 token on the Ethereum blockchain, giving companies greater access to liquidity in euros. It will be available for making payments, trading, and granting credit, and loans.
The Bank for International Settlements (BIS) reports that the euro is the second largest fiat currency in the world in terms of turnover. According to the BS survey of central banks conducted every three years, the euro accounted for 32 percent of all trading in foreign exchange.
Since its introduction in 1999, the euro has become the standard currency for all 19 euro members. Its dominance as a currency is demonstrated by its high share of the US dollar index (DXY), which totals 57.6%.
Read Also: Exchanges in South Korea want self-regulation of the cryptocurrency market
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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