The EUROe is the name of the first stablecoin entirely managed on a European scale, from its regularization to the management of its reserves. Fruit of the work of the Finnish company Membrane Finance, the EUROe is launched on the Ethereum (ETH) blockchain and is already exchangeable on certain decentralized finance protocols (DeFi) such as Uniswap.
Europe finally has its stablecoin
Finance membranea Finnish company working to bridge the gap between traditional finance and the cryptocurrency market, unveils its EUROe stablecoin. It is the first 100% European euro-backed stablecoin, from the management of its reserves to its regulation. By comparison, Circle’s EUROC, for example, is a euro-backed stablecoin with reserves secured at Silvergate Bank in the United States.
Initially available on the Ethereum (ETH) blockchain, the EUROe is backed by the euro and each EUROe is insured by its equivalent in fiat currency in a financial institution or in a European bank, according to the press release.
The class of stablecoins is a category of cryptocurrency defined to have a fixed price backed by a real asset. The best known, such as USDC, USDT or DAI for example, are pegged to the US dollar. If you want to know more about how a stablecoin works, we invite you to read our dedicated guide.
According to Membrane Finance, the EUROe is the fruit of 2 years of hard work to build the most robust and regulatory compliant European payment systems “. The stablecoin also benefits from a license from the FIN-FSAthe Financial Supervisory Authority of Finland, which should allow to be competitive on the market before the entry into force of the European MiCA legislation “.
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The happy medium between regulation and decentralized finance?
According to Membrane Finance, the EUROe should manage to play several roles in order to be effective in different sectors of activity, with the aim of registering as a reference stablecoin on a European scale whether for individuals or professionals.
“The EUROe enables transparent and near-instantaneous payments around the world at near zero cost. Therefore, individuals, businesses and governments can use EUROe while avoiding the risks and complexities of converting and paying in volatile cryptocurrencies. […] We want to bring decentralized finance to the masses and make it as easy as possible to allow Europeans to use a currency they trust and know. »
Addressing novices or professionals likely to find interest in the EUROe, the Finnish company is developing the interest of large-scale blockchain especially in terms of its immutability and therefore the availability of reliable on-chain data, accessible at any time and by everyone.
Regarding his future plans, Membrane Finance is already working to make the EUROe transferable cross-chain and to build its own tokenization platform thanks to a recent fundraising of 2 million euros.
Finally, note that the EUROe can already be exchanged and integrated into smart contracts. For example, it is possible to obtain on the decentralized finance protocol Uniswap (UNI).
👉 On the same subject – Cardano: launch of the algorithmic stablecoin DJED
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Source: Press Release
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