Available on June 30th, Euro Coin aims to usher euro liquidity on-chain and open up new opportunities for near-instantaneous digital forex
BOSTON, June 16, 2022 /PRNewswire/ — Circle Internet Financial, a global internet finance company and USD Coin (USDC) issuer, announced today that it is preparing to issue a fully reserved euro-pegged stablecoin from the United States called Euro Coin (EUROC). Available from June 30th, Euro Coin is a regulated euro-backed stablecoin issued under the same full reserve model and built on the same pillars of trust, transparency and security that have made USDC one of the most trusted digital currencies have made to the world.
The launch of Euro Coin aims to advance Circle’s successful work in promoting the smooth exchange of financial assets and connecting crypto-native and traditional financial services. Businesses can use EUROC tokens to easily move euro liquidity on-chain, accept and make euro payments worldwide that can be settled in minutes, and access crypto capital markets for trading, borrowing, lending and more . Euro Coin is fully backed by Euro denominated reserves held conservatively in custody of leading financial institutions within the US regulatory circle, beginning with Silvergate Bank.
“Circle has set industry-leading standards for transferring financial assets over the Internet with USDC,” said Jeremy Allaire, Circle co-founder and CEO. “There is clear market demand for a digital currency denominated in euros, the second most traded currency in the world after the US dollar. With USDC and Euro Coin, Circle is helping usher in a new era of fast, low-cost, secure, and interoperable value exchange worldwide.”
Euro Coin is Circle’s second digital currency built to the same regulatory standards and principles of transparency, accountability and trust as USDC, a leading dollar digital currency with over $54 billion in circulation as of June 15 2022). Together, Euro Coin and USDC aim to bring faster, lower-cost transactions to global trade and unlock new opportunities for multi-currency digital finance and on-chain foreign exchange (FX) where daily volume in traditional markets worldwide is 6, can exceed US$6 trillion.
Euro Coin will initially be launched on the Ethereum blockchain starting June 30, with additional blockchains expected to be supported later this year. As an Ethereum ERC-20 standard token, Euro Coin will work extensively with ERC-20 compatible wallets, protocols and other blockchain services.
A number of ecosystem leaders will support Euro Coin at launch, including Anchorage Digital, Binance.US, Bitstamp, Compound, Curve, CYBAVO, DFX, Fireblocks, FTX, Huobi Global, Ledger, MetaMask Institutional, and Uniswap Protocol.
Euro Coin will be available to institutional clients via a free Circle account starting June 30, 2022. Developers can start integrating with the Euro Coin Smart Contract today ahead of the official launch.
To learn more about Euro Coin, visit the website.
About Circle
Circle is a global financial technology company that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce, and financial applications worldwide. Circle is the issuer of USD Coin (USDC), one of the fastest growing digital dollar currencies, powering internet-native commerce and payments. Today, Circle’s transaction services, business accounts, and platform APIs are fueling a new generation of financial services and commerce applications that deliver on the promise of increasing global economic prosperity for all through the frictionless exchange of financial assets. Circle also operates SeedInvest, a leading fundraising platform for startups in the US. Learn more at https://circle.com.
SOURCE Circle Internet Financial, LLC
