{"id":30142,"date":"2022-06-16T11:37:18","date_gmt":"2022-06-16T15:37:18","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=30142"},"modified":"2022-06-16T11:37:37","modified_gmt":"2022-06-16T15:37:37","slug":"circle-launches-stablecoin-backed-by-euro-dubbed-euroc","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/circle-launches-stablecoin-backed-by-euro-dubbed-euroc\/","title":{"rendered":"Circle launches stablecoin backed by Euro dubbed EUROC"},"content":{"rendered":"\n
As the demand for stablecoins continues to rise, Circle is releasing a fully-reserved stablecoin <\/a>tied to the Euro, known as EUROC.<\/h5>\n\n\n\n
\"Circle
Circle launches stablecoin backed by Euro dubbed EUROC<\/figcaption><\/figure>\n\n\n\n

Circle announced in a statement shared with Cointelegraph on Thursday that Euro Coin, or EUROC, will be accessible for trading on June 30. Euro Coin, like USDC, is a regulated stablecoin backed entirely by reserves \u2014 in this case, the euro.<\/p>\n\n\n\n

This means that for every EUROC token in circulation, an equivalent euro-denominated reserve\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> will be maintained in custody at US-regulated financial institutions. The euro-pegged stablecoin's initial custodian was listed as Silvergate Bank, a crypto-friendly financial institution.<\/p>\n\n\n\n

The EUROC stablecoin allows businesses to have more access to euro liquidity for payments, trading, lending, and borrowing. The stablecoin will debut as an ERC-20 standard token on the Ethereum blockchain.<\/p>\n\n\n\n

According to the Bank for International Settlements<\/a>, the euro is the world's second-largest fiat currency in terms of foreign exchange turnover (BIS). The euro was on one side of 32% of all currency exchanges, according to the BIS' 2019 Triennial Central Bank Survey.<\/p>\n\n\n\n

The euro is the unified currency of the Eurozone's 19 members, having been introduced in 1999. Its dominance as a trading pair is mirrored in the United States Dollar Index, or DXY, which has a weight of 57.6 percent.<\/p>\n\n\n\n

Due to banking prohibitions on digital assets, stablecoins were created as a solution to provide liquidity to crypto traders. Their utility, on the other hand, has grown dramatically over time.<\/p>\n\n\n\n

Circle has created dedicated business accounts for USDC transactions<\/a>, as reported by Cointelegraph, highlighting the growing demand for stablecoin payments among businesses.<\/p>\n\n\n\n

Stablecoins now serve the unbanked and underbanked, as well as customers in nations with limited access to dollars due to financial controls or sanctions.<\/p>\n\n\n\n

According to CoinMarketCap, the worldwide stablecoin market is currently worth more than $157.5 billion. USDC has a market capitalization of $54.2 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"

As the demand for stablecoins continues to rise, Circle is releasing a fully-reserved stablecoin tied to the Euro, known as EUROC. Circle announced in a statement shared with Cointelegraph on Thursday that Euro Coin, or EUROC, will be accessible for trading on June 30. Euro Coin, like USDC, is a regulated stablecoin backed entirely by […]<\/p>\n","protected":false},"author":12,"featured_media":30145,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[10637,1531],"class_list":["post-30142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-euroc","tag-stablecoin"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/image-135.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/30142","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=30142"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/30142\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/30145"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=30142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=30142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=30142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}