Circle to Issue Euro-Backed Stablecoin

The famous internet finance firm and USDC issuer, Circle Internet Financial, has recently announced that they are launching a new reserved, euro pegged stable coin called the ‘Euro Coin’ (EUROC) in the United States of America. The official coin launch in the markets will take place on June 30th this year.

The primary aim of the launch is to bridge an exchange between crypto native and traditional financial services as it will derive a smooth and frictionless financial processing method easing the technicalities associated with crypto payments.

Through this, businesses can settle euro payments in little time and move euro liquidity on-chain while accessing global crypto capital markets for buying, lending, selling etc. it is reported that the
Euro coin will first launch an Ethereum blockchain on June 30th and support other blockchains later in the year. They will be starting their availability through a free Circle account where developers can easily integrate the Euro coin smart contract before its official global launch.

Ecosystem leaders will back the Euro coin: FTX, Fire Blocks, Ledger, MetaMask, CYBAVO, Anchorage Digital, Binance.US etc. Euro coin is aimed to lead the digital dollar currency since $54 billion is already in circulation effective from June 15th. It will be working closely with relevant wallets, blockchain services, protocols and the ERC-20.