Crypto news

Circle has created a stabelcoin tied to the euro

Circle, a member of the Centre consortium, introduced the Euro Coin stablcoin (EUROC) pegged to the euro exchange rate.

The company noted that EUROC is a fully reserve-backed token. The token is backed by euro-denominated reserves held at financial institutions “within the U.S. regulatory perimeter.” One of those institutions will be Silvergate Bank.

Circle did not specify whether the collateral consists solely of currency, or includes other instruments like bonds and commercial paper.

At launch, Euro Coin launched on the Ethereum blockchain as an ERC-20 standard token.

They promise to add support for additional networks in the future. The initial issuance of Stablecoin is available through the Silvergate Exchange Network.

The tool is scheduled to begin trading on June 30. According to the press release, it will be added to the listing of cryptocurrency exchanges such as BinanceUS, Bitstamp, FTX and Huobi. DeFi-protocols Compound, Curve, Uniswap and other services will also be allowed to interact with the asset.

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