Soon Circle will launch new stablecoin for European crypto market
USDC issuer is planning eagerly to launch its new stablecoin, Euro Coin, more likely to USDC stablecoin.
Circle Internet Financial is an international internet finance firm, which is popularly known for its USDC stablecoin. Last month, the majority of the stable coin projects faced huge fear because of the collapse of the Terra ecosystem, and also some popular stable coins faced de-pegging in their pegged value but it was only USDC, which was standing strong against all the situation because of its fully reserved funds behind the all Issued stable coins.
USDC is a stable coin corresponding to the US dollar, which means every single USDC coin is equal to $1. Now Circle is planning to introduce its Euro Coin, as a new stable coin for the crypto industry of the European crypto market.
So each 1 Euro coin will be equal to 1 Euro and it will help all the crypto exchanges in European countries to provide services much perfectly for the crypto Investors to deal with local fiat currency via the use of Euro coin.
Euro coin will be launched by 30 June of this year and initially, it will be issued by Circle on the Ethereum blockchain network via ERC-20 smart contract. which means all the ERC-20 supportive wallets and protocols will be able to support the Euro coin. Later, Circle will issue Euro coins on other blockchain networks, so that crypto investors will be able to easily access Euro coins on any crypto network with full confidence at low fees.
Popular platforms that will support Euro coin initially are “Binance.US, FTX, Huobi Global, Anchorage Digital, Bitstamp, Compound, Curve, Fireblocks, Ledger, MetaMask Institutional, and Uniswap Protocol, plus others.”
Circle company confirmed that Euro will follow a similar approach like USDC to remain fully transparent to the crypto industry so that people can easily use this Euro-backed stable coin with full trust & confident.
Via the launch of the Euro coin, Circle aimed to provide a better bridge between the crypto & traditional financial value. With the use of the Euro coin, people will be able to move euro liquidity on-chain. Circle also confirmed that businesses will be able to facilitate cross-border payments easily in digital Euro with the help of Euro coin and payment will be settled within minutes. Besides these supports, the crypto market will be able to access the Euro coin for trading, borrowing, and lending.
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