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Ify Egede
Jun 16, 2022
by Ify Egede

Circle To Launch Stablecoin, EuroCoin On 30th June

Circle Stablecoin EuroCoin
P2P payments technology company Circle will launch a new stablecoin, EuroCoin, on 30th June. The new stablecoin, EUROC, will be pegged to the Euro.

Also, the model used for its design is similar to the USDC. As a result, users can always redeem it at 1:1 for Euros. The euro-denominated reserves will back the EuroCoin. These reserves will be under the custody of financial bodies such as Silvergate Bank. However, Circle did not state if other financial instruments would be part of the reserve. Jeremy Allaire, Circle's founder, said,

"The EUROC is a euro-pegged stablecoin. It is built on the same model and pillars of trust used for the USDC. It is transparent and secure."

The EUROC will be launched on the ERC-20 blockchain network. The EuroCoin will join other lists of euro-pegged stablecoins like the EURt and EURS. Presently, only Silvergate Bank users can access the stablecoin through its Euro SEN network. Fortunately, it will be available on several exchanges after the launch. Ecosystems that will support the launch of the stablecoin include Bitstamp, Ledger, MetaMask, Binance.US, FTX, and Anchorage Digital.

Regulation Of Stablecoins In The EU

Besides, EU regulators are working on the regulation of stablecoins. The regulation will include guidelines and rules for issuers of stablecoin. Meanwhile, it is uncertain how EU leaders will respond to the latest news. This is because Circle is launching a euro-pegged stablecoin under United States standards. For now, Europe awaits the MiCA bill, which will be passed before the end of June.

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Circle To Launch Stablecoin, EuroCoin On 30th June
Ify Egede
Ify is an experienced and versatile writer and researcher. He has have keen interest in blockchain technology, Bitcoin, cryptocurrencies, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.

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