On June 16, Circle, the company that created the USD Coin (USDC) stablecoin, introduced a new stablecoin backed by the Euro. According to the release, the Euro Coin (EUROC) will be minted using the same full-reserve concept as the USDC.
Stablecoin will be able to be used by exchanges, institutional traders, corporations, and individuals. Users can convert Euros directly into EUROC and vice versa, and it will be available on exchanges as a trading pair for other cryptocurrencies, like USDC.
The launch comes at a time when there has been much speculation and a lack of trust among stablecoin users. After TerraUSD (USTC), a stable coin, failed and Tether (USDT) briefly fell below a dollar, these worries grew.
Unlike USDC, which will be wholly supported by reserves, the reserves of the Euro-pegged stablecoin will be entirely backed by Euros. This seems to be the primary distinction between EUROC and USDC, which are collateralized by cash and short-term US government bonds.
As a result, for each EUROC token in use, a reserve in Euros will be maintained in custody at financial institutions subject to US regulatory control. The EUROC stablecoin’s first custodian will be Silvergate Bank. Anchorage Digital, CYBAVO, and Fireblocks will be among the other caretakers.
Euro Coin will first be deployed as an ERC-20 token on the Ethereum network, with further blockchain capabilities coming later this year. EUROC joins a tiny group of euro-backed stablecoins, including EURt from Tether and Stasis Euro (EURS) from Malta-based Stasis.
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