On Thursday (June 16), Jeremy Allaire, co-founder, chairman, and CEO of Circle Internet Financial, announced that his company was unveiling its “second-largest fiat-backed stablecoin,” and had launched it on the Ethereum network.
Euro Coin (EUROC) is “issued by Circle under the same full reserve model as USD Coin (USDC), a trusted digital dollar currency with over $54 billion in circulation.” It is “100% backed by euros held in euro-denominated bank accounts, so you can always redeem 1:1 for euros.”
Circle says that EUROC can be useful for exchanges, institutional traders, companies and individuals.
Circle’s product page for $EUROC also mentions that Euro Coin will “officially launch on June 30 with the support of a wide range of ecosystem leaders.” These include cryptocurrency exchanges, such as Binance.US, Bitstamp, and FTX, DeFi startups such as Compound, Curve, and Uniswap, and crypto custodians, such as Anchorage Digital, and crypto wallet providers, such as Ledger and MetaMask.
In his Twitter thread, the CEO of Circle mentioned that:
- Like USDC, Euro Coin is issued under a regulated framework for the transmission of money, under the same statutes that regulate USDC, with full reserves in euros, with the same security, liquidity and transparency that the market expects from Circle.
- Euro Coin expands the opportunities for payments, on-chain FX, trade finance, trading, and broader digital asset markets use cases. The launch is symbolic of a shift in the crypto markets towards the ever-increasing utility value of blockchain infrastructure.
- 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.
