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.