What do you need to know about Euro Coin?
On June 30th, the company Circle introduced to the public a new stablecoin - Euro Coin. What are the main features of stablecoin, which, according to the creators, will be met with interest by many investors?
Euro Coin (EUROC) is a new stablecoin that is 100% secured by euros and held in euro-denominated bank accounts. This allows holders to exchange the Euro Coin for euros at any time at a rate of 1:1.
Circle uses the same full reserve model as the USD Coin (USDC). To convince investors of the quality and sufficient reserves, the company plans to publish the results of monthly assessments on its website. They will be conducted by the American accounting and consulting organization Grant Thornton LLP specialists. Also, all Circle's financial reports, which include information about the new stablecoin, will be transmitted to and then analyzed by the SEC.
“The future is multichain”
EUROC is an Ethereum ERC-20 standard token. Right after launch, it will be able to interact with ERC-20 wallets and other blockchain services without difficulty. Initially, stablecoin will be supported by many well-known ecosystem members, including Bitget, Huobi Global, MetaMask Institutional, and DFX.
As liquidity grows, active trading on leading cryptocurrency exchanges will begin. Its active phase is expected to start in mid-July.
Circle is not going to stop with Ethereum exclusively. The developers will announce the launch of EUROC on other blockchains by the end of this year.
Features of Euro Coin
What is the purpose of EUROC? The new stablecoin is expected to be a part of multi-currency digital banking and will be used by individuals, institutional traders, and enterprises as a means of payment, as well as for trading and earning.
Circle believes that Euro Coin and USD Coin will help holders make necessary transactions and conquer new markets in a matter of moments. For operations with a coin that are carried out regardless of the time of day, you only need access to the Internet.
How to become a EUROC owner?
To date, only companies that are registered on the Circle can get stablecoins. To mint coins, account holders need to deposit in euros using Silvergate Euro SEN. Other deposit methods will be introduced later.
When the proper level of liquidity is reached, and trading begins, investors who do not have a Circle account will gain access to EUROC via cryptocurrency exchanges and DeFi-protocols.
