Circle launches Euro stablecoin

News / Rik Wienke
Circle launches euro stablecoin

After a tumultuous few weeks in stablecoin land, there finally was some positive news. Circle, the company behind stablecoin USD Coin (USDC), will launch a euro-backed stablecoin at the end of June called Euro Coin (EUROC). EUROC will be fully backed by euro reserves and European government bonds.

The euro plays a large role in international trade, but only makes up 0.2% of the total stablecoin market. Circle isn’t the first company offering a euro stablecoin, but the announcement was nevertheless received positively. This is because EUROC will be issued in the same way as USDC, one of the most reliable stablecoins. USDC is backed fully by dollars and government bonds, which makes the stablecoin always exchangable for fiat. Next to that, Circle undergoes monthly audits by an independent accounting firm.

Currently, AMDAX mainly uses USDC. When the EUROC will be traded in larger volumes, it is possible for AMDAX to offer EUROC to our customers. The EUROC ensures that more crypto-assets are traded against euros over time. In the current market, this is mainly done in dollar stablecoins. As a result, European investors run the risk of the euro losing value against the dollar.

According to Circle CEO Jeremmy Allaire, the EUROC will be part of a new era of fast, safe and cheap international transactions. Allaire also thinks the launch of EUROC is symbolic for a larger transition in the crypto markets, with an ever-expanding use-case of blockchain infrastructure.

Go back to the overview