Circle enters the EU market with a new stablecoin

Article Reading Time:
2 minutes.

Circle Internet Financial, despite the volatility of the cryptocurrency market and the problems of stablecoins, is issuing Euro-backed Euro Coin.

Issuer USD Coin (USDC) Circleannounced in his blog the release on June 30 of a stablecoin backed by euro reserves. The announcement states that the new stablecoin will be “a regulated stablecoin, issued with full reserve and built on the same principles of trust, transparency and security as USDC.”

The company claims that reserves are in eurosare held by leading US regulated financial institutions such as Silvergate Bank. Circle said that Euro Coin (EUROC) will initially be issued as an ERC-20 token on the Ethereum blockchain "with support for additional blockchains expected later in the year."

As an Ethereum ERC-20 token, Euro Coinshould be widely interoperable with compatible wallets. The Circle team claims that a number of cryptocurrency exchanges such as FTX, Bitstamp, Binance US, Huobi, Uniswap will provide support for the EUROC stablecoin.

Decentralized financial systems suchlike Anchorage, Compound, Curve and Fireblocks are also ready to provide stablecoin support. Circle co-founder and CEO Jeremy Allaire said Circle has set industry-leading standards for transferring financial value over the Internet using stablecoins:

 “There is a clear market demand fora digital currency denominated in the euro, which is the second most traded currency in the world after the US dollar. Through USDC and Euro, Coin Circle is helping usher in a new era of fast, affordable, secure and interoperable exchange of value around the world.”

Starting June 30, Euro Coin will be available to institutional clients through a free Circle account.

</p>

Recently the companyCircle launched the USDC stablecoin on the Polygon blockchain using the Proof-of-Stake consensus model. This allowed for faster transactions and easier conversion of fiat currencies to USDC.