Building on the success of their digital dollar (USDC), Circle plans to introduce another digital currency. A digital Euro (EUROC) will follow and should revolutionize global transactions through efficiency and cost savings. It is scheduled to launch on the Ethereum blockchain this month.
The Euro Coin will be dubbed Euro Coin (EUROC), and enthusiasts will be able to get them on June 30. The issuer will be Circle Internet Financial, a global internet finance firm and creator of USD Coin (USDC). The company ise preparing to issue a fully-reserved, euro-pegged stablecoin out of the United States. At first, the new coin will launch on the Ethereum blockchain. Support on additional blockchains is planned soon after. It is an Ethereum ERC-20 standard token, and will work with all ERC-20 compatible wallets, protocols and blockchain services.
Building on USDC's success
Circle claims that the Euro Coin is a fully regulated, euro-backed stablecoin. It will be issued under the same full-reserve model and built on the same pillars of trust, transparency, and security that have made USDC one of the world’s most trusted digital currencies. The launch of Euro Coin should aim to further Circle’s successful work in driving the frictionless exchange of financial value and bridging crypto-native and traditional financial services.
Businesses can use EUROC tokens to move euro liquidity on-chain. They can also accept and make euro payments globally that Circle claim can settle in minutes. Circle also says that users can access crypto capital markets for trading, borrowing, and lending. The coin will be fully-backed by euro-denominated reserves held conservatively in the custody of leading financial institutions. This firms are within the U.S. regulatory perimeter, beginning with one of them which is Silvergate Bank. In terms of the crypto space, various companies and ecosystems are also expected to embrace and integrate the coin. These include Binance.US, FTX, Huobi Global, Anchorage Digital, Bitstamp, Compound, Curve, Fireblocks, Ledger, MetaMask Institutional, and Uniswap Protocol.
Circle aims to establish a new era of digital transactions
According to Jeremy Allaire, Founder and CEO of Circle, the firm has set industry-leading standards for moving financial value across the internet with USDC. There should be a clear market demand for a digital currency denominated in euros. It is the world’s second most traded currency after the U.S. dollar. With USDC and Euro Coin, Circle aims to unlock a new era of fast, inexpensive, secure and interoperable value exchange worldwide.
The new coin is Circle’s second digital currency. The first one was USDC which had over $54 billion in circulation. With both stablecoins the firm aims to unlock new opportunities for multi-currency digital finance and on-chain foreign exchange (FX), where daily volume in traditional markets can top $6.6 trillion globally. Euro Coin can be acquired with an e-Circle Account starting in a few weeks. Developers can integrate with the Euro Coin smart contract today, however.
