Circle is launching a Euro-backed stablecoin called EUROC

Circle is launching a fully-reserved and regulated stablecoin pegged to the Euro.

Circle is launching a Euro-backed stablecoin called EUROC

Circle, the company behind popular stablecoin USDC, is launching a fully-reserved and regulated stablecoin pegged to the Euro called the Euro Coin, or EUROC.

Every EUROC token in circulation will have an equivalent Euro-denominated reserve held in custody at financial institutions regulated by the United States. so that it’s always redeemable 1:1 for Euros. The initial custodian for the Euro-pegged stablecoin is Silvergate Bank.

Together, Euro Coin and USDC can unlock new possibilities for multi-currency digital banking and near-instant foreign exchange, where daily volume in traditional markets can top $6.6 trillion globally.

The launch begins on Ethereum, with plans to expand to additional blockchains later this year. On June 30th, businesses can mint Euro Coin straight from the source by depositing euros into their Circle Account using Silvergate’s Euro SEN network. Additional deposit options are expected to be available later this year.

The following protocols and services will support Euro Coin at launch:

  • Exchanges: Binance.US, Bitstamp, FTX, Huobi Global
  • DeFi: Compound, Curve, DFX, Uniswap Protocol
  • Custodians: Anchorage Digital, CYBAVO, Fireblocks
  • Wallets: Ledger, MetaMask Institutional