USD Coin (USDC) issuer Circle is revealing the launch of a new Euro-pegged stablecoin at the end of the month.
Circle says the EUROC stablecoin will be 100% backed by Euros held in Euro-denominated bank accounts to ensure EUROC is always redeemable 1:1.
According to Circle, the goal of the new stablecoin is to help Europeans move their funds into blockchains at a faster rate.
“We developed Euro Coin with the goal of increasing access to opportunities to trade, earn, pay and build on a stable euro digital currency. As of June 16, 2022, the total circulation of all Euro-denominated stablecoins is just $129 million, compared to $156 billion in dollar-denominated stablecoins.
The introduction of Euro Coin will enable people and businesses to easily move euro liquidity on-chain with a stablecoin they can trust, providing transformative benefits to the crypto ecosystem at large.
With Euro Coin and USDC, businesses can tap new markets and transact faster on-chain with the world’s most widely-used currencies.”
Circle says the stablecoin is optimized for use by any entity, including individuals, crypto exchange platforms, businesses, and large institutions.
According to the blog post, Euro Coin can also be minted by businesses and deposited into non-Circle accounts.
“On June 30th, businesses can mint Euro Coin straight from the source by depositing euros into their Circle Account using Silvergate’s Euro SEN network.
Additional deposit options are expected to be available later this year. Once trading begins, Euro Coin will be available to non-Circle Account users via digital asset exchanges and DeFi [decentralized finance] protocols.”
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