Euro Coin – EUROC issued by Circle, which is the same issuer of USD Coin – USDC, will be the newest stablecoin on the block (June 30th).
What is Euro Coin?
Euro Coin is a trusted digital stablecoin backed by a full reserve of euros held in euro-denominated banking accounts at financial institutions. The first institution that has the Euro Coin reserve is the American Silvergate Bank.
What is the use case of Euro Coin?
- Quick Transactions: Euro Coin transactions are instant in comparison to fiat currencies that can take one to four business days to show in your bank account.
- Availability: Transactions are possible 24/7 in comparison to the blackout of weekends and holidays normal banks work with.
- Stability: Prices of stablecoins remain pegged to the fiat currency its pegged to, in this case the Euro.
- Exchanges: Customers can convert euros into Euro Coin. Hereby focusing on the European traders more.
- Business: Euro Coin payments can be accepted or used to make payments globally to suppliers, vendors, and employees.
How legit is Euro Coin?
According to Circle, The firm Grant Thornton LLP will be issuing monthly attestations of the Euro Coin reserves, starting in July 2022. These attestation reports will be made public here, Also, all Circle’s financial statements will be filed with the SEC.
Euro Coin – EUROC is under the same full-reserve model as the reputable second largest stablecoin USD Coin – USDC.
Is Euro Coin only available on the Ethereum mainnet?
As an Ethereum ERC-20 standard token will launch officially on the Ethereum mainnet. But Circle expects to launch Euro Coin on additional blockchains later this year.
Where to trade Euro Coin?
On June 30th after the initial minting, Euro Coin can be found on several leading exchanges, such as Binance, Bitstamp and Huobi Global, Curve and UniSwap
Which wallets support Euro Coin?
Euro Coin will work broadly with ERC-20 compatible wallets, protocols and other blockchain services. Such as Ledger, MetaMask and many more.
How to mint Euro Coin?
Minting starts on June 30th. This can be done by depositing euros into your Circle Account using the Silvergate’s Euro SEN network.
