The USDC issuer Circle has introduced the EUROC stablecoin as a new cryptocurrency set to be pegged to the value of a Euro, also dubbed the Euro Coin.
Stablecoins are the recent talk of the town. Whether it's related to the recent Luna crypto crash, the latest USDD depeg, or talk of a USDT depeg, 2022 has certainly exposed how stablecoins work in the long run.
However, the recent downfall of stablecoins clearly has not deterred firms from experimenting further in the sector. Here's what we know about the EUROC Stablecoin.
What Is The EUROC Stablecoin?
Circle is all set to launch a new stablecoin in the market, dubbed EUROC, or the Euro Coin.
Not to be confused with the E-Euro, Circle describes the new stablecoin as a "fully reserved, euro pegged stablecoin from the United States."
EUROC is an ERC-20 token based on the Ethereum blockchain, and will work with most ERC-20 compatible wallets and services.
Circle said that the new EUROC stablecoin will be issued under the same model as USDC and will boast "the same pillars of transparency and trust," that USDC has cultivated throughout the years.
Through the launch of Euro Coin, Circle intends to further its vision of facilitating a "frictionless exchange of financial value."
While describing its use cases, Circle added that EUROC can be used by multiple businesses to easily move euro liquidity on-chain alongside making instant global payments in Euros.
EUROC Stablecoin Release Date
Euro Coin (EUROC) has already been launched on the Ethereum blockchain on 30 June, 2022.
Initially only launching on Ethereum, Circle said EUROC will receive the support of additional blockchains by the end of this year.
Circle also said it will issue monthly attestations of EUROC's reserves starting with the July 2022 report launching in August 2022.
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Where To Buy EUROC Stablecoin
The initial Euro Coin mint will only be accessible through a Circle Account and the US bank Silvergate.
Circle states that exchange-based trading will happen after this mint has occurred.
Several crypto exchanges will be offering Euro Coins for purchases soon after its launch. The list of exchanges that will offer EUROC includes:
- Binance.US
- Bitstamp
- FTX
- Huobi Global
- Bitpanda Pro
DeFi platforms Compound, Curve, DFX and Uniswap will also support Euro Coin.