The new initiative underlines that the desire for crypto foreign exchange services keeps growing amid the current crypto bear market.
On June 16, Circle Internet Financial, the issuer of the USD Coin (USDC), announced that it would roll out a new Euro-backed stablecoin in the United States. The new token joins the list of the other two Euro-backed stablecoins - Tether EURt (EURT) and STASIS EURO (EURS).
According to the official statement, the Euro Coin (EUROC) will be fully backed by euro-denominated reserves and will be launched for trading on the Ethereum (ETH) blockchain on June 30. As stated on the initiative's official website, EUROC will be initially available to Silverbank's customers through its Euro SEN network. The official report read:
“Euro Coin is a regulated, euro-backed stablecoin 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.”
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Binance.US, Bitstamp, FTX, Huobi Global, Ledger, MetaMask Institutional, Curve, DFX, Uniswap Protocol, CYBAVO, Fireblocks, and Anchorage Digital will reportedly back the stablecoin.
Circle stated that the Euro Coin was built to provide more access for players in the crypto world to pay, trade, and earn on a stable euro digital currency, such as EUROC. The team behind the P2P payments technology organization recently stated:
"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."
Silvergate Bank, one of the financial institutions that fall “within the US regulatory perimeter,” will act as the initial custodian for EUROC. As of now, it is not clear whether the reserves will consist solely of euros, or commercial papers and bonds will also be included.
On top of that, EU legislators are still on a determined path to set up particular jurisdictions for various stablecoin issuers across 27 countries in the European Union.
According to various statistics, the global stablecoin market is currently worth over $150B as the market cap of USDC sits at roughly $54B.
In other news, back in May, Tether announced that it would launch a new Mexican peso-pegged stablecoin MXNT that will be accessible on Tron (TRX), Polygon (MATIC), and Ethereum (ETH) blockchains.