Circle Plans to Release Euro-Backed Stablecoin

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2022-06-18 11:01:39

Recently, Circle – a payment technology company based in Boston, UK has revealed it is planning to launch a new stablecoin backed by the Euro.

Circle Plans to Release Euro-Backed Stablecoin

This new stablecoin is called “Euro Coin”, it will be on the market at the end of June and codename EUROC.At first, the token will only be available on the Ethereum blockchain, but by the end of this year it will be available. released across other platforms.

Stablecoins are backed by a reserve of assets by Silvergate Bank and other American financial institutions. Jeremy Allaire – CEO shared that the company is working to meet the growing demand of euro-backed cryptocurrencies with the launch of new products.

Earlier in September 2018, the company launched a stablecoin backed by USD. This stablecoin is USDC. USDC was launched and introduced as an alternative and safer token than Tether’s USDT. Because before that, USDT was recognized by many experts as not really transparent and clear.

In May, when Terra collapsed, USDT lost its peg against the USD, while its rival remained in position.

Circle’s dollar-based stablecoin has enjoyed strong growth at a time of bull markets. Currently, it is the 4th largest stablecoin and has a market capitalization of around $54 billion.

In April, Circle announced a $400 million funding round with the participation of many “big names” in the financial sector such as BlackRock, Fidelity and Marshall Wace.

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