Circle to Launch Euro-Backed Stablecoin on 30 June

  • The so called Euro Coin (EUROC) will be fully backed by euro-denominated reserves, with the initial custodian being San Diego-based Silvergate Bank.
  • Circle noted that the Grant Thornton LLP will be issuing attestations of EUROC’s reserves on a monthly basis, starting July.
Jeremy Allaire (Circle CEO) speaks on a panel discussion during the Digital Life Design (DLD) Conference at the HVB Forum

Jeremy Allaire (Circle CEO) speaks on a panel discussion during the Digital Life Design (DLD) Conference at the HVB Forum on January 20, 2014 in Munich, Germany. Hubert Burda Media/Picture Alliance

USDC issuer Circle Internet Financial is planning to add another stablecoin to its line of products by the end of the month, this time pegged to the euro, the company said in a press release on 16 June.

According to the announcement, the so called Euro Coin (EUROC) — that will be fully backed by euro-denominated reserves — will be available for trading starting 30 June. The stablecoin will initially be available on the Ethereum blockchain as an ERC-20 token, but the company has plans to introduce additional blockchain support “later this year”. The co-founder and CEO of Circle, Jeremy Allaire, said in a statement:

“Circle has set industry-leading standards for moving financial value across the internet with USDC. 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.”

The company has clarified that EUROC will be fully regulated, and that its reserves will be held in the custody of financial institutions that fall “within the U.S. regulatory perimeter”. Circle noted that the initial custodian of the euro-pegged stablecoin will be San Diego-based Silvergate Bank.

The stablecoin will be introduced as an ERC-20 token, and as such will work broadly with ERC-20 compatible wallets, protocols, and blockchain services. At launch, EUROC will be supported by several ecosystems, amongst which are FTX, Bitstamp, BinanceUS, Huobi, Uniswap, Anchorage, Compound, Curve, Fireblocks, and others.

Circle has also stated that Grant Thornton LLP — a global network of independent accounting and consulting firms — will issue monthly attestations of EUROC’s reserves starting July.

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