e-Money Integrates With Algorand to Launch Stablecoins
- e-Money will issue eEUR, eCHF, eNOK, eSEK, and eDKK on Algorand.
- The integration will drive the adoption of Algorand-based applications among European users and enable faster time-to-market dApps offering stablecoins on Algorand.
Algorand CEO Steve Kokinos. The Business Journals
Stablecoin issuer e-Money announced it will be launching its suite of European-currency stablecoins on the Algorand blockchain. According to a press release published on 13 September, the integration will enable faster time-to-market applications offering stablecoins to be built on Algorand, and also drive the adoption of Algorand-based applications among European users.
e-Money users will be able to purchase the fully-backed European stablecoins directly from the company. In the coming days, all of the Algorand-compliant stablecoins will also be listed on decentralized exchanges to increase the supply in circulation.
Martin Dyring-Andersen, the Founder and CEO of e-Money, said the company has already seen a number of innovative projects built on Algorand and is excited to join in on the development.
“By joining the Algorand ecosystem, e-Money will establish itself as a go-to partner for Algorand projects interacting with real-world economies, thereby expanding our user base and strengthening our position as a leading issuer of trustworthy European stablecoins,” he said in the company’s release.
The company will issue Euros (eEUR), Swiss Francs (eCHF), Norwegian Krone (eNOK), Swedish Krona (eSEK), and Danish Krone (eDKK) on Algorand. All of the stablecoins will be fully collateralized, backed with bank deposits and government bonds held at commercial banks, the company said. e-Money’s stablecoins will utilize a dynamic peg that tracks the underlying interest rate, which means users will be able to benefit from accrued interest on their assets.
- The Algorand wallet provider has warned users to withdraw their assets from mnemonic wallets after an attacker targeted a group of “high-profile MyAlgo accounts”.
- The root cause of the attacks remains unknown, with MyAlgo still investigating the issue, but reports have indicated that close to $9M were stolen so far.
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- The blockchain has become the regional supporter in North American and Europe for the 2022 World Cup, and also the official sponsor of the Women’s World Cup in 2023.
- The partnership will see Algorand help FIFA further develop its digital asset strategy, and also provide it with an official wallet solution.
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- 50 million tokens will be used to support the development of DeFi infrastructure and development, while the remaining 100 million will go towards liquidity incentives.