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USD Coin (USDC) issuer Circle is revealing the launch of a brand new Euro-pegged stablecoin on the finish of the month.
In a brand new firm weblog submit, Circle introduced Euro Coin (EUROC) will launch on June thirtieth on the main sensible contract platform Ethereum (ETH).
Circle says the EUROC stablecoin shall be 100% backed by Euros held in Euro-denominated financial institution accounts to make sure EUROC is all the time redeemable 1:1.
In keeping with Circle, the aim of the brand new stablecoin is to assist Europeans transfer their funds into blockchains at a sooner price.
“We developed Euro Coin with the aim of accelerating entry to alternatives to commerce, earn, pay and construct on a secure euro digital forex. As of June 16, 2022, the full circulation of all Euro-denominated stablecoins is simply $129 million, in comparison with $156 billion in dollar-denominated stablecoins.
The introduction of Euro Coin will allow individuals and companies to simply transfer euro liquidity on-chain with a stablecoin they’ll belief, offering transformative advantages to the crypto ecosystem at giant.
With Euro Coin and USDC, companies can faucet new markets and transact sooner on-chain with the world’s most widely-used currencies.”
Circle says the stablecoin is optimized to be used by any entity, together with people, crypto change platforms, companies, and huge establishments.
In keeping with the weblog submit, Euro Coin can be minted by companies and deposited into non-Circle accounts.
“On June thirtieth, companies can mint Euro Coin straight from the supply by depositing euros into their Circle Account utilizing Silvergate’s Euro SEN community.
Further deposit choices are anticipated to be out there later this yr. As soon as buying and selling begins, Euro Coin shall be out there to non-Circle Account customers through digital asset exchanges and DeFi [decentralized finance] protocols.”
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