USDC Issuer Circle to Launch New Euro-Backed Stablecoin
USDC is getting a sibling on June 30, and the new Euro Coin (EUROC) will be backed by the official currency of 19 of the 27 member states of the European Union, according to a recent announcement made by the stablecoin's issuer Circle Internet Financial.
EUROC is a regulated, fully-reserved, euro-backed stablecoin. Circle is issuing the stablecoin under the same full-reserve model that it uses for USDC. The reserves will be held in the custody of leading financial institutions within the U.S. regulatory perimeter. The first such financial instutition will be Silvergate Bank.
"Circle has set industry-leading standards for moving financial value across the internet with USDC," said CEO and co-founder of Circle, Jeremy Allaire. "There is clear market demand for a digital currency denominated in euros, the world's second most traded currency after the U.S. dollar. With USDC and Euro Coin, Circle is helping to unlock a new era of fast, inexpensive, secure, and interoperable value exchange worldwide."
EUROC is an Ethereum ERC-20 standard token.
Anchorage Digital, Binance, Bitstamp, Compound, Curve, CYBAVO, DFS, Fireblocks, FTX, Huobi Global, Ledger, MetaMask Institutional, and Uniswap Protocol will all support EUROC at launch on June 30.
This new stablecoin opens up a world of possibilities for European-based, on-chain financial services and businesses.