Circle, a member of the Center consortium, introduced a stablecoin, Euro Coin (EUROC), pegged to the euro exchange rate.
The company noted that EUROC is a stablecoin withfull reservation. The token is backed by euro-denominated reserves held by financial institutions “within the US regulatory perimeter.” One of these organizations will be Silvergate Bank.
Circle did not specify whether the collateral consists solely of currency or includes other instruments such as bonds and commercial paper.
At the start, Euro Coin was launched in the blockchainEthereum as an ERC-20 token. In the future, they promise to add support for additional networks. The initial supply of the stablecoin is available through the Silvergate Exchange Network.
The start of trading in the instrument is scheduled for 30June. According to the press release, it will be added to the listing of such cryptocurrency exchanges as BinanceUS, Bitstamp, FTX and Huobi. DeFi protocols Compound, Curve, Uniswap and other services will also allow interaction with the asset.
In May 2022, the company announced that the US dollar-pegged stablecoin USDC is fully backed by US national currency and treasury bonds.
That same month, Circle began publishing USDC reserves on a weekly basis. For this, the organization has opened a special section on the website.
Recall that in April 2022, the head of Jeremy Allairestated that the company is preparing to apply for a cryptocurrency bank license in the United States. According to him, this should happen “in the near future.”
The announcement follows a $400 million investment round. Circle has been in talks with BlackRock, Fidelity Management and Research, Marshall Wace and Fin Capital.
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