USDC Issuer Circle Launches New Euro-Pegged Stablecoin EUROC

USD Coin (USDC) The issuer of the USDC stablecoin, Circle, has revealed the launch of a new Euro-pegged stablecoin.

Announced in a new company blog post, Circle said that its Euro Coin (EUROC) will be launching June 30th on leading smart contract platform Ethereum (ETH).

To ensure EUROC is always redeemable 1:1, the EUROC stablecoin will be 100% backed by Euros held in Euro-denominated bank accounts, Circle states.

The launch of the new stablecoin will help Europeans in faster transactions, moving their funds to blockchains.

“We developed Euro Coin with the goal of increasing access to opportunities to trade, earn, pay and build on a stable euro digital currency. As of June 16, 2022, the total circulation of all Euro-denominated stablecoins is just $129 million, compared to $156 billion in dollar-denominated stablecoins.

The introduction of Euro Coin will enable people and businesses to easily move euro liquidity on-chain with a stablecoin they can trust, providing transformative benefits to the crypto ecosystem at large.

With Euro Coin and USDC, businesses can tap new markets and transact faster on-chain with the world’s most widely-used currencies.”

Any entity, including individuals, crypto exchange platforms, businesses, and large institutions, can use the new Euro Coin, Circle confirms. In addition, EUROC can also be minted by businesses and send into non-Circle accounts:

According to the blog post, Euro Coin can also be minted by businesses and deposited into non-Circle accounts.

“On June 30th, businesses can mint Euro Coin straight from the source by depositing euros into their Circle Account using Silvergate’s Euro SEN network.

Additional deposit options are expected to be available later this year. Once trading begins, Euro Coin will be available to non-Circle Account users via digital asset exchanges and DeFi [decentralized finance] protocols.”