Circle Internet Financial, a global internet finance firm and issuer of USD Coin (USDC), announced that it issued a fully-reserved, euro-pegged stablecoin from the US called Euro Coin (EUROC). EUROC is a regulated, euro-backed stablecoin issued under the same full-reserve model as USDC. USDC is a dollar digital currency with over $54 billion in circulation as of June 15, 2022.
The launch of EUROC aims to further Circle’s successful work in driving the frictionless exchange of financial value and bridging crypto-native and traditional financial services. Businesses can use EUROC tokens to easily move euro liquidity on-chain, accept and make euro payments globally that can settle in minutes, and access crypto capital markets for trading, borrowing, lending and more.
EUROC is fully-backed by euro-denominated reserves held conservatively in the custody of leading financial institutions within the US regulatory perimeter, beginning with Silvergate Bank.
“Circle has set industry-leading standards for moving financial value across the internet with USDC,” said Jeremy Allaire, co-founder and CEO of Circle, in a statement. “There is clear market demand for a digital currency denominated in euros, the world’s second most traded currency after the U.S. dollar. With USDC and Euro Coin, Circle is helping to unlock a new era of fast, inexpensive, secure and interoperable value exchange worldwide.”