Circle, the official issuer of the stablecoin USD Coin (USDC), announced on Thursday that it is preparing to issue a fully-reserved, euro-pegged stablecoin from the United States, dubbed Euro Coin (EUROC). According to the press release, it will be available starting June 30.
Euro Coin is built and issued under the full-reserved model built on USD Coin, Circle noted. The Euro Coin is fully backed by euros-denominated reserves held in the custody of leading US financial institutions, including Silvergate Bank.
“Circle has set industry-leading standards for moving financial value across the internet with USDC. There is clear market demand for a digital currency denominated in euros, the world’s second most traded currency after the US dollar. With USDC and Euro Coin, Circle is helping to unlock a new era of fast, inexpensive, secure and interoperable value exchange worldwide,” Jeremy Allaire, the Co-Founder and CEO of Circle, commented.
Beginning on June 30, Euro Coin will be available on the Ethereum blockchain. Support for other blockchains is expected later in the year. Since Euro Coin is an ERC-20 standard token, it can be used with a wide range of ERC-20 compatible wallets, protocols, and other blockchain services.
There will be a number of ecosystem leaders supporting Euro Coin at launch, including Anchorage Digital, Binance.US, Bitstamp, Compound, Curve, CYBAVO, DFX, Fireblocks, FTX, Huobi Global, Ledger, MetaMask Institutional and Uniswap Protocol. Institutional customers will be able to access Euro Coin through a free Circle Account starting June 30, 2022. Before the official launch of Euro Coin, developers can begin integrating with its smart contract today.
“Together, Euro Coin and USDC aim to bring faster, inexpensive transactions to global commerce and unlock new opportunities for multi-currency digital finance and on-chain foreign exchange (FX), where daily volume in traditional markets can top $6.6 trillion globally,” Circle pointed out.