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