Circle Internet Financial is launching a fully-reserved stablecoin pegged to the euro, indicating to the market that demand for crypto foreign exchange services remains high.
EUROC will be available for trading on June 30, Like USDC, Euro Coin is a regulated stablecoin that is fully backed by reserves in this case, the euro. That means every EUROC token in circulation will have an equivalent euro-denominated reserve held in custody at financial institutions regulated by the United States.
Silvergate Bank, a crypto-friendly financial institution, was listed as the initial custodian for the euro-pegged stablecoin. EUROC stablecoin gives businesses wider access to euro liquidity, which can be used for payments, trading, lending and borrowing. The stablecoin will initially launch on the Ethereum blockchain as an ERC-20 standard token.
In terms of foreign exchange turnover, the euro is the second largest fiat currency in the world, according to the Bank for International Settlement (BIS). The BIS’ 2019 Triennial Central Bank Survey found that the euro was on one side of 32% of all currency trades.
