After the success of USDC, Circle launches another stablecoin—this one is backed 1:1 by Euro. The stablecoin is live on Ethereum and is called EUROC token. Users will be able to mint and redeem it starting June 30th. This could be the first mainstream Euro-backed stablecoin from a well-known company. In the past, Tether has launched a Euro-backed stablecoin called EURT. However, it never took off like USDT, with only €195.99 million in market cap.
Circle’s new stablecoin EUROC
At this point, Circle’s USDC is the 2nd largest stablecoin by market cap and is gaining a lot of attraction. This has happened after the failure of UST and increased scrutiny on USDT. So, the company has taken advantage of this positive atmosphere to launch EUROC, a stablecoin backed by Euro. The company’s CEO, Jeremey Allaire, also claims that EUROC already has broad support from the industry. Circle hasn’t tried to do anything fancy here, and its coin is backed 100% by Euros and is redeemable.
They are following the same structure as USDC from a regulatory point of view. Jeremy wrote that, like USDC, EUROC would be used for money transmission and have the same security, liquidity, and transparency. It looks like this stablecoin Circle is trying to establish dominance in the Euro-backed stablecoin market because it’s still no 2 in the dollar-backed ones.
EUROC’s support and availability
All major global exchanges have already added support for Circle’s EUROC. Investors can access it on Binance US, FTX, Huobi Global, and Bitstamp. Decentralized platforms such as Uniswap, Compound, DFX, and Curve also support the new stablecoin. With its launch, Circle aims to expand payment opportunities and onchain functionalities. Reports suggest that custodians and wallets will also add support for the stablecoin really soon. However, institutional investors have to wait for a while as they will be able to access it via a Circle account from June 30th.
About Circle
Circle is a financial technology company based in the United States that is at the forefront of digital currency innovation and open financial infrastructure. They connect the traditional financial system with the world’s most popular public blockchains to help businesses and investors all around the world.
What are your thoughts as Circle launches Euro-backed stablecoin EUROC? And do you think it will become as popular as USDC? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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