Circle to Issue Euro Stablecoin
Posted by Colin Lambert. Last updated: June 17, 2022
Circle Internet Financial, the issuer of the USDC stablecoin, has unveiled plans to issue a euro equivalent from the US, entitled Euro Coin or EUROC from June 30.
The firm says, “Euro Coin is a regulated, euro-backed stablecoin issued under the same full-reserve model and built on the same pillars of trust, transparency, and security that have made USDC one of the world’s most trusted digital currencies.”
It adds that the new coin is fully-backed by euro-denominated reserves held conservatively in the custody of leading financial institutions within the US regulatory perimeter, beginning with Silvergate Bank.
Euro Coin will initially launch on the Ethereum blockchain, with support for additional blockchains expected later this year, Circle says. As an Ethereum ERC-20 standard token, it will work broadly with ERC-20 compatible wallets, protocols and other blockchain services. The firm adds that the new coin will be supported by firms including Anchorage Digital, Binance US, Bitstamp, Compound, Curve, Cybavo, DFX, Fireblocks, FTX, Huobi Global, Ledger, MetaMask Institutional, and Uniswap Protocol.
“Circle has set industry-leading standards for moving financial value across the internet with USDC,” claims Jeremy Allaire, co-founder and CEO of Circle. “There is clear market demand for a digital currency denominated in euros, the world’s second most traded currency after the US dollar. With USDC and Euro Coin, Circle is helping to unlock a new era of fast, inexpensive, secure and interoperable value exchange worldwide.”