{"id":20109,"date":"2022-06-16T23:24:58","date_gmt":"2022-06-16T23:24:58","guid":{"rendered":"http:\/\/egrowonline.com\/?p=20109"},"modified":"2022-06-16T23:24:58","modified_gmt":"2022-06-16T23:24:58","slug":"circle-launches-second-major-stablecoin-backed-11-by-the-euro-altcoins-bitcoin-news","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=20109","title":{"rendered":"Circle Launches Second Major Stablecoin Backed 1:1 by the Euro \u2013 Altcoins Bitcoin News"},"content":{"rendered":"


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\n\"Circle\n<\/div>\n

On Thursday, Circle\u2019s CEO Jeremy Allaire announced that the company has launched a new stablecoin pegged to the value of the euro (EUR). Allaire said that the new EUROC token is now live on the Ethereum network and will be \u201cavailable to mint and redeem on June 30th.\u201d<\/strong><\/p>\n

Circle Launches EUROC<\/h2>\n

Circle has announced<\/a> the launch of the company\u2019s second major fiat-pegged crypto asset called euro coin (EUROC). The announcement stemmed from Circle\u2019s CEO Jeremy Allaire on Thursday who explained that EUROC already has \u201cbroad industry support.\u201d Circle also follows the company Tether Limited, which introduced a euro stablecoin called EURT in August 2016. There\u2019s currently \u20ac195.99 million<\/a> worth of Tether\u2019s EURT at the time of writing and roughly $7 million in global trade volume during the past 24 hours. In terms of the stablecoin\u2019s fiat backing, Circle\u2019s new EUROC web portal states:<\/p>\n

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Designed for stability, Euro Coin is 100% backed by euros held in euro-denominated banking accounts so that it\u2019s always redeemable 1:1 for euros.<\/p>\n<\/blockquote>\n

Allaire details that the new EUROC is fully regulated and will follow the same compliance framework as USDC. \u201cLike USDC, Euro Coin is being issued under a regulated framework for money transmission, under the same statutes that regulate USDC, with full-reserves in Euro, with the same security, liquidity and transparency that the market has come to expect from Circle,\u201d Allaire wrote on Thursday.<\/p>\n

EUROC Already Has Support From Exchanges, Wallets, Custodians, and Defi Apps<\/h2>\n

The Circle CEO believes a euro-based stablecoin will expand payment opportunities and onchain FX. It will bolster trade finance (tradefi) and commerce as well, Allaire explained in his tweet about the project. EUROC will be accessible to individuals, exchanges, institutional traders, and businesses. Currently, EUROC is supported by Binance US, Bitstamp, FTX, and Huobi Global. In the decentralized finance (defi) world EUROC is also supported by Compound, Curve, DFX, and Uniswap.<\/p>\n

Additionally, custodians like Anchorage Digital, CYBAVO, and Fireblocks support the new stablecoin alongside wallets like Metamask Institutional and Ledger Wallet. \u201cEuro Coin will be available to institutional customers via a free Circle Account starting June 30, 2022,\u201d Allaire concluded on Thursday. \u201cDevelopers can begin integrating with the Euro Coin smart contract today, ahead of the official launch.\u201d<\/p>\n

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\nTags in this story
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Altcoins<\/a>, Circle<\/a>, Circle CEO<\/a>, Ethereum<\/a>, euro coin<\/a>, EUROC<\/a>, EUROC Launch<\/a>, EURT<\/a>, Issued<\/a>, Jeremy Allaire<\/a>, launch<\/a>, Mintable<\/a>, Redeemable<\/a>, Stablecoin<\/a>, Stablecoins<\/a>, Tether<\/a>, Tether’s EURT<\/a>, USDC<\/a><\/div>\n<\/div>\n

What do you think about the new euro coin (EUROC) stablecoin launched by Circle? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, Illustration Contributor: Hoowy<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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