Circle Internet Financial, the issuer of the USD Coin dollar-pegged stablecoin, is set to introduce a new stablecoin backed by the single European currency.
According to Coindesk, the Euro Coin will be fully backed by euro-denominated reserves in the custody of financial institutions that fall ‘within the US regulatory perimeter’.
Circle said, “Euro Coin is a regulated, euro-backed stablecoin issued under the same full-reserve model and built on the same pillars of trust, transparency, and security that have made USDC one of the world’s most trusted digital currencies.”
Euro Coin will launch on the Ethereum blockchain on June 30 this year as an ERC-20 standard token. Support for additional blockchains is expected later in the year.
Circle founder and CEO Jeremy Allaire said, “There is clear market demand for a digital currency denominated in euros, the world’s second most traded currency after the U.S. dollar.”
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