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Circle to Release Euro-Backed Stablecoin on June 30th

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Circle to Release Euro-Backed Stablecoin

Peer-to-peer payments platform Circle Internet Financial is set to issue a fully-reserve euro-pegged stablecoin from the United States by the end of the month.

Source: Circle

USDC is down 0.03%, while the EURUSD is up 0.14%.

Circle said the Euro Coin will be available starting June 30, which businesses can use to move euro liquidity on-chain, accept, and make euro payments on a global scale.

The firm said the coin will be supported by Anchorage Digital, Binance.US, Bitstamp, Compound, Curve, CYBAVO, DFX, Fireblocks, FTX, Huobi Global, Ledger, MetaMask Institutional, and Uniswap Protocol.

The digital token will be issued under the same full-reserve model of USDC, with settlements made in minutes. Businesses will have access to cryptocurrency capital markets for trading, borrowing, and lending, among others.

The euro-denominated reserves of Euro Coin will be held conservatively in the custody of major financial institutions in the United States, starting with the Silvergate Bank.

The stablecoin will initially be made available to institutional customers through a free Circle Account. Developers can start integrating on Thursday.

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