Circle Launches Euro-Backed Stablecoin

Circle, the company behind USDC, today announced the release of a new product, a euro-backed stablecoin.

The new stablecoin will be called Euro Coin (EUROC), 100% euro-backed, and will have the same level of trustworthiness as USDC, Circle claims.

EUROC is an ERC-20 token of Ethereum, which is expected to support more blockchains this year. The total supply of stablecoins at the time of launch is unknown.

Circle revealed that EUROC will be listed and opened for trading on exchanges on June 30, with the support of CEX exchanges including FTX, Bitstamp, Binance.US, Huobi; DEX exchanges include Uniswap, Compound, Curve; custody units include Anchorage Digital, CYBAVO, Fireblocks; Ledger and MetaMask wallets.

Launched in 2018, Circle is a stablecoin issuer from the US and has tried to get a banking license in the US to be regulated. In just 4 years, USDC has become the 2nd largest stablecoin in the cryptocurrency market with a market capitalization of $54.4 billion as of June 16, close to rival Tether (USDT) with a capitalization of $70,8 billion.

Unlike USDT, USDC did not experience any problems in the last two dumps in May and June in the cryptocurrency market, but on the contrary, many investors are switching from USDT to USDC and BUSD when evaluating the two stablecoins. This is more secure in terms of collateral and has more legal standing than Tether.

Circle’s euro expansion is a move made by Tether, which has also issued euro-backed stablecoins (EURT), gold (XAUT), Chinese yuan (CNHT), and new especially Mexican pesos (MXNT).

Currently, European Union (EU) officials are still in the process of establishing a regulatory framework for stablecoin issuers in 27 member states. EU lawmakers are still trying to finalize a crypto law called Markets in Crypto-Assets (MiCA), with a series of different negotiations lasting months, but have yet to come to a really clear outcome at the present time.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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