Circle To Launch $EUROC, a Euro-Pegged Stablecoin, on Ethereum in June 2022

According to Circle, $EUROC is designed for stability and is 100% backed by Euros held in euro-denominated banking accounts so that it’s always redeemable 1:1 for Euros.

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Circle, the financial company behind popular stablecoin, $USDC, has announced the launch of a second stableoin pegged to the Euro.

Dubbed Euro Coin ($EUROC), the stablecoin is issued by Circle under the same full-reserve model as USD Coin ($USDC), a dollar digital currency with more than $54 billion in circulation as of June 2022.

According to Circle, $EUROC is designed for stability and is 100% backed by Euros held in euro-denominated banking accounts so that it’s always redeemable 1:1 for Euros.

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SEE ALSO: 4 Stablecoins Available to Africans and Where You Can Get Them

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In its pitch for Euro Coin, Circle says the stablecoin is developed with the goal of increasing access to opportunities to trade, earn, pay, and build on a stable Euro digital currency. As of June 2022, the total circulation of all Euro-denominated stablecoins is just $129 million, compared to $156 billion in Dollar-denominated stablecoins.

The introduction of $EUROC will enable people and businesses to easily move Euro liquidity on-chain providing transformative benefits to the crypto ecosystem at large. With $EUROC and $USDC, businesses can tap new markets and transact faster on-chain with the world’s most widely-used currencies.

$EUROC officially launches on Ethereum on June 30 2022 with plans to expand to additional blockchains later in 2022. A wide range of ecosystem leaders will be supporting Euro Coin on launch day.

Other crypto platforms supporting the stablecoin at launch include:

  • Compound
  • Curve
  • DFX
  • Uniswap
  • Ledger
  • MetaMask International

For exchanges, $EUROC will be available at the start on:

  • Binance.US
  • Bitstamp
  • FTX
  • Huobi Global

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RECOMMENDED READING: South African Exchange, Xago, Launches a U.S Dollar Stablecoin and a Revolutionary App

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