The Circle, a member of the Centre consortium, has introduced the euro-pegged stablecoin Euro Coin (EUROC).
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
The company noted that EUROC is a fully reserved stablecoin. The token is backed by reserves denominated in euros, which are held at financial institutions, “within the US regulatory perimeter”. One such institution will be Silvergate Bank.
Circle did not specify whether the collateral consists solely of currency, or includes other instruments such as bonds and commercial paper.
At launch, Euro Coin was issued on the Ethereum blockchain as an ERC-20 token. In the future, they plan to add support for additional networks. The initial issuance of the stablecoin is available through the Silvergate Exchange Network.
Trading of the instrument is scheduled to begin on June 30. According to the press release, it will be listed on such crypto exchanges as BinanceUS, Bitstamp, FTX and Huobi. The asset will also enable interaction with DeFi protocols such as Compound, Curve, Uniswap and other services.
In May 2022, the company said that the USD-pegged stablecoin USDC is fully backed by the U.S. national currency and Treasuries.
In the same month, Circle began publishing information on USDC reserves on a weekly basis. To this end, the organization opened a dedicated section on its website.
Back in April 2022, Circle CEO Jeremy Allaire said the company was preparing to apply for a cryptocurrency bank licence in the United States. He said it would happen “in the near future”.
The announcement followed a $400 million investment round. Circle was in talks with BlackRock, Fidelity Management and Research, Marshall Wace and Fin Capital.
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