Stablecoin

Launched by Circle Internet Financial, the Euro Coin (EUROC) is an ERC-20 cryptocurrency, denominated by euros, which facilitates on-chain euro liquidity.

 are cryptocurrencies pegged to a traditional fiat currency, which supports price stability and real-world usability. There are several stablecoins currently linked to the U.S. dollar. Some of the more significant ones are 

Circle Internet Financial, LLC is the global crypto finance company that created USDC. In June 2022, it launched a European stablecoin known as Euro Coin, or EUROC. This euro-pegged stablecoin can support euro transfers across borders quickly and cost-effectively, and claims always to be redeemable 1:1 for euros. Let's take a closer look at how this latest stablecoin by Circle works.

The Euro Coin (EUROC) is a digital currency, denominated by euros, which facilitates on-chain euro liquidity.

 blockchain, EUROC uses the same full reserve model that Circle’s USDC uses. The price of this euro-backed stablecoin is fully supported by fiat reserves in leading U.S.-based financial institutions. This full reserve model maintains the price conversion of the Euro Coin to the euro as 1:1 at all times. While it is expected to be widely adopted by businesses and individuals alike, the future of the Euro Coin is tied to European Union regulations, which are still being worked out. 

Because the Euro Coin is an ERC-20 token, you can store it in any Ethereum-compatible wallet. This stablecoin backed by euro-denominated currency can also be used by all Ethereum-based protocols, and will eventually be usable across multiple chains. The Euro Coin’s functionality makes the euro more accessible to those around the world. Since it acts as a bridge for crypto-native and traditional financial services for euro users, the Euro Coin may aid in the growth of euro liquidity and usage. 

Euro Coin has numerous uses for individuals. For example, people can make digital transfers to family, friends and even businesses. Because there’s a 1:1 price conversion with the euro, Euro Coin can be used seamlessly. In addition, individuals can use Euro Coin to access various services and features available in the 

) spaces. Some of these include decentralized exchanges (

Likewise, businesses can benefit from the widespread adoption of the Euro Coin. Because of its parity with the euro, Euro Coin enables businesses to accept cryptocurrency payments without concern about price volatility. In addition to accepting customer payments, businesses can also pay their employees and suppliers with EUROC. BitPay, a crypto payment service protocol, 

 the storage and transaction of EUROC, as well as the seamless conversion of EUROC to fiat euros. 

EUROC is currently only one of several euro stablecoins. It was launched by the same company responsible for USDC, which ranks fourth among cryptocurrencies worldwide, and it’s backed by euro-denominated reserves maintained by a U.S.-based financial institution. Because of this, EUROC is a regulated euro-backed stablecoin that can be safely redeemed 1:1 anytime. It’s important to note that Euro Coin is the only euro-linked stablecoin today that’s supported by euro-denominated reserves in a regulated bank. Its reserves are also accounted for by monthly attestations through 

 is another euro-backed stablecoin, launched by Tether (a subsidiary of Hong Kong–based iFinex Inc.), which issues the largest stablecoin by 

, Tether (USDT). Tether functions as a type of central bank for the crypto world in that it processes fiat withdrawals and deposits, and it also burns and mints its own tokens based on the fiat in its reserve. However, many critics assert that Tether isn’t transparent about its reserves, with many circling rumors that USDT was minted out of thin air. 

, there was a probe by the New York Attorney General’s Office regarding allegations that USDT had been issued as loans to investors, which further fueled these rumors.

 is a euro-backed stablecoin issued by tokenization company 

. An ERC/EIP-20 token, EURS is allocated across Ethereum and several L2 blockchains, such as 

. It’s backed 1-for-1 by euro reserves held in accounts at partner institutions that STASIS foundation members voted for. Its reserve balances are verified and posted to the public by one of the 

 via daily account statements and annual audits.However, it should be noted that these regulations may not be as stringent or as well-enforced as those of a U.S.-regulated bank. 

While there are many other euro stablecoins in use today, Euro Coin stands apart in many ways. It was launched by the same company responsible for the top dollar-based stablecoin, USDC, and it offers the security of U.S. financial regulatory oversight. For those who wish to complete cryptocurrency transactions using euros for personal or business use, Euro Coin stands out as a superior option to consider.

Euro Coin (EUROC): First Euro Stablecoin Backed By Full Reserves

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