By the end of June, stablecoin issuer USD Coin (USDC) Circle will issue a new stablecoin backed by the euro. The statement states that Euro Coin(EUROC) will be issued on the same full reserve model as USDC.
</p>Like USDC, users will be able to convert euros directly to EUROC and vice versa, it will be available on exchanges in trading pairs with other cryptocurrencies.
EUROC will be 100% backed by the euro, and this is the main difference from the USDC stablecoin, which is backed by US dollars and short-term US government bonds.
Euro reserves will be kept in financialorganizations controlled by US regulators. Silvergate Bank will be the first repository of the EUROC stablecoin, with Anchorage Digital, CYBAVO and Fireblocks expanding the list.
At first, Euro Coin will be launched as an ERC-20 token on the Ethereum network, later the stablecoin will be introduced on other blockchains.
EUROC joins a small group of euro-backed stablecoins, including EURt from Tether and Stasis Euro (EURS) from Stasis.
Binance.US, MetaMask and Ledger have already announced their support for the digital asset.
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