According to Membrance Finance, EUROe is the first “EU-regulated full-reserve stablecoin and payment network” in Europe.
According to a press release on the EUROe website, Finland-based fintech company Membrance Finance launched EUROe on February 2. It bills itself as the first stablecoin and payment network to be governed by the EU.
As stated in the release post, the EUROe functions as a full-reserve stablecoin by converting a fiat Euro into a 1:1 pegged digital currency. With a promise from Membrance Finance that the money won’t be used, the currency’s fiat reserves are kept in a European financial institution or bank.
Juha Viitala, CEO of the fintech company, gave the following explanation of the project’s goals:
“We want to bring decentralized finance to the masses and make it as easy as possible for Europeans to use a currency they trust and know. This launch is the result of two years of hard work to build the most robust regulatory-compliant European payment systems that allow you to leverage innovation in decentralized finance and other emerging technologies,”
The Finnish Financial Supervisory Authority (FIN-FSA) gave the EUROe an Electronic Money Institution license, and the company is getting ready to abide by the anticipated European MiCA regulations as well.
The system, which is currently powered by Ethereum (ETH), enables users to build smart contracts that operate independently. In the future, the project team wants to provide support for more blockchains.
With this launch, users can now implement the EUROe stablecoin in smart contracts and transact on Ethereum.
