Circle To Launch Stablecoin, EuroCoin On 30th June

P2P payments technology company Circle will launch a new stablecoin, EuroCoin, on 30th June. The new stablecoin, EUROC, will be pegged to the Euro. 1/ Get ready for #EuroCoin! Euro Coin (EUROC) is our newest #stablecoin that will launch on June 30th. We designed it with the same full-reserve model as #USDC so that it’s always redeemable 1:1 for euros. See how to get it https://t.co/3PclycHxPk — Circle (@circlepay) June 16, 2022 Also, the model used for its design is similar to the USDC. As a result, users can always redeem it at 1:1 for Euros. The euro-denominated reserves will back the EuroCoin. These reserves will be under the custody of financial bodies such as Silvergate Bank. However, Circle did not state if other financial instruments would be part of the reserve. Jeremy Allaire, Circle’s founder, said, “The EUROC is a euro-pegged stablecoin. It is built on the same model and pillars of trust used for the USDC. It is transparent and secure.” The EUROC will be launched on the ERC-20 blockchain network. The EuroCoin will join other lists of euro-pegged stablecoins like the EURt and EURS. Presently, only Silvergate Bank users can access the stablecoin through its Euro SEN network. Fortunately, it will be available on several exchanges after the launch. Ecosystems that will support the launch of the stablecoin include Bitstamp, Ledger, MetaMask, Binance.US, FTX, and Anchorage Digital. Regulation Of Stablecoins In The EU Besides, EU regulators are working on the regulation of stablecoins. The regulation will include guidelines and rules for issuers of stablecoin. Meanwhile, it is uncertain how EU leaders will respond to the latest news. This is because Circle is launching a euro-pegged stablecoin under United States standards. For now, Europe awaits the MiCA bill, which will be passed before the end of June.

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