Circle to launch euro-pegged stablecoin

The EUROC stablecoin will become available on June 30 and will be listed on five major exchanges at once

17.06.2022 - 08:50

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What’s new? Circle, the issuer of the USDC stablecoin, has announced the release of a new euro-pegged stablecoin Euro Coin (EUROC). The asset is fully backed by euro-denominated assets held at major US financial institutions. EUROC will be launched on June 30 and will appear on five exchanges — FTX, Bitstamp, Binance.US, Huobi, and Uniswap. Initially, EUROC will be launched on the Ethereum blockchain and will be able to work with services compatible with the ERC-20 standard.

Circle’s press release

What else is known about EUROC? Transactions with the new stablecoin will also be available on DeFi platforms Anchorage, Compound, Curve, and Fireblocks. Developers can integrate Euro Coin into their smart contracts now, before the official launch.

Circle co-founder and CEO Jeremy Allaire noted the demand for a digital currency denominated in euros, as the euro is the second most traded currency in the world after the US dollar. He added:

“With USDC and Euro Coin, Circle is helping to unlock a new era of fast, inexpensive, secure and interoperable value exchange worldwide.”

According to CoinGecko, USDC has a total market capitalization of $54,6 billion as of June 17.

Earlier, Circle representatives urged the US Federal Reserve System to abandon issuing a central bank digital currency (CBDC). The company argues that the digital dollar will be detrimental to the private stablecoins sector. Circle believes that USDC already provides “many of the potential benefits” of a future US government cryptocurrency.

Since the end of May, Circle began publishing weekly reports on USDC reserves. This move is intended to increase USDC’s transparency operation amid the TerraUSD (UST) rate crash and problems with pegging other stablecoins to the US dollar. Circle claims that USDC is fully backed by cash and US Treasury bonds.

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