Euro Coin will be backed by euros and will be launched in Ethereum at the end of June. Silvergate Bank will hold the stablecoin’s reserves.
- Circle, issuer of USDC, will launch Euro Coin a coin can refer to a cryptocurrency that can operate independently or to a single unit of such cryptocurrency. (EUROC) on 30 June.
- It will initially be an ERC-20 tokens designed and used solely on the Ethereum platform. token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. backed by euros.
- The opinion of EU regulators is still an open question.
Circle Internet Financial the issuer of the U.S. dollar-linked stablecoin, USDC, is expanding with a new product focused on the European currency.
In an announcement Thursday, Circle presented its new stable currency Euro Coin (EUROC), which will be linked to the value of the euro and “…”. 100% supported “The reserves are to be exchanged for equivalent reserves denominated in that currency. As in the case of USDC, the reserves will be held in the custody custody is a financial institution's legal capacity to keep and preserve financial assets for its clients to avoid asset theft or loss. of recognized financial institutions, starting with Silvergate Bank .
“ Euro Coin es a stable, regulated, euro-backed currency currency is a medium of exchange that defines value. issued under the same full reserve model and built on the same pillars of trust, transparency and security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. that have made USDC one of the world’s most trusted digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies “, describió la empresa en el comunicado.
1/ Get ready for #EuroCoin !
Euro Coin (EUROC) is our newest #stablecoin that will launch on June 30th.
— Circle (@circlepay) June 16, 2022
Inicialmente, EUROC se lanzará como un token ERC-20 en la cadena de bloques Ethereum a decentralized open-source blockchain with smart contracts functionality. but with the promise of additional support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. in other Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. “ by the end of this year “ , dijo Circle . The official launch of the stablecoin will be on June 30.
Circle to launch new stablecoin
In addition to having Silvergate Bank a San Diego-based crypto-friendly bank, as its custodian, the issuer also advanced several exchanges that have already committed to supporting the new stable coin.
According to the statement, the exchanges of cryptocurrencies FTX, Bitstamp, BinanceUS, Huobi y Uniswap will list EUROC at launch. Other platforms were also mentioned such asAnchorage, Compound, Curve y Fireblocks among others. For their part, the wallets Ledger a record of financial transactions that cannot be changed, only appended with new transactions. y MetaMask an online digital wallet that allows users to manage, transfer and receive Ethereum, operating as an extension to a regular browser. Institutional support for Euro Coin .
The new stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. de Circle will be priced 1:1 with the euro, and can always be exchanged for the physical currency, the company said. The aim is for EUROC to provide businesses and consumers with wider access to euro liquidity, while being able to use it for payments, transactions and loans.
“ There is a clear demand in the market an area or arena, online or offline, in which commercial dealings are conducted. for a digital currency denominated in euros, the second most traded currency in the world after the US dollar “said Jeremy Allaire, founder and CEO of Circle .
Is this a good time?
Allaire’s commentary suggests that there is still a strong demand for stable coins and associated services despite the recent market turmoil and the insistence of regulators to impose stricter rules on the sector.
Like notes CoinDesk It is unclear how the new euro-linked product will be received by European Union lawmakers and regulators. A spokesman for Circle told the news outlet that he would not comment publicly on the talks, or the existence of talks, with regulators in Europe, the United States or other jurisdictions.
The news about the arrival of Euro Coin comes at a time of tension for the stablecoins and the broader cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. market, which, following the collapse of the UST stablecoin of Earth and the generalized fall in prices, has captured the attention of regulators from all over the world.
The global market for stable coins is currently worth more than USD $157.5 billion, according to data from CoinMarketCap . USDC’s market capitalization is USD $54.2 billion, making it the largest stablecoin in the world. Circle as the second-largest in the world after USDT, issued byTether.
- SEC Commissioner Hester Peirce: “Regulation for stablecoins will come sooner rather than later”.
- New York Financial Regulator Issues Formal Guidance on Stablecoins
- MoneyGram Announces Official Launch of its New USDC Remittance Service
Article by Hannah Estefania Perez / DiarioBitcoin
Imagen de Unsplash