Get ready for Euro Coin, the newest stablecoin from Circle. Euro Coin (EUROC) is issued by Circle under the same full-reserve model as USD Coin (USDC), a trusted dollar digital currency with more than $54 billion in circulation as of June 16, 2022. Designed for stability, Euro Coin is 100% backed by euros held in euro-denominated banking accounts so that it’s always redeemable 1:1 for euros.
A new era for FX and digital banking
Euro Coin is a euro-backed stablecoin that’s available 24/7 and moves at internet speed. 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.1
We developed Euro Coin with the goal of increasing access to opportunities to trade, earn, pay and build on a stable euro digital currency. As of June 16, 2022, the total circulation of all euro-denominated stablecoins is just $129 million, compared to $156 billion in dollar-denominated stablecoins2. The introduction of Euro Coin will enable people and businesses to easily move euro liquidity on-chain with a stablecoin they can trust, providing transformative benefits to the crypto ecosystem at large. With Euro Coin and USDC, businesses can tap new markets and transact faster on-chain with the world’s most widely-used currencies.3
Euro Coin is for everyone
Euro Coin is available to anyone with an internet connection, enhancing access to the euro across borders and time zones.
Enable customers to convert euros to Euro Coin and offer access to new digital asset trading pairs and near-instant stablecoin FX.
Make markets with Euro Coin and take advantage of arbitrage opportunities across digital asset exchanges and decentralized finance (DeFi).
Accept Euro Coin payments to expand your customer base and get faster cash flow. Make payments globally to suppliers, vendors, and employees with funds that can settle in minutes.
Pay for goods at participating merchants, transfer money quickly across borders to friends and family, and use Euro Coin throughout the innovative Web3 ecosystem.
Coming soon to Ethereum
Euro Coin will officially launch on Ethereum on June 30th, with plans to expand to additional blockchains later this year. A wide range of ecosystem leaders will be supporting Euro Coin on launch day.
Developers can immediately start building with the Euro Coin smart contract today. Liquidity on mainnet will begin flowing on the official launch date.
Be among the first to access Euro Coin
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. Once trading begins, Euro Coin will be available to non-Circle Account users via digital asset exchanges and DeFi protocols.
1 Troy Segal. “Forex Market: Who Trades Currencies and Why”. Investopedia. August 18, 2021. Retrieved May 25, 2002 from: https://www.investopedia.com/articles/forex/11/who-trades-forex-and-why.asp#
3 Richard Lee. “The Top 8 Most Tradable Currencies.” Investopedia. March 19, 2022. Retrieved May 26, 2022 from: https://www.investopedia.com/trading/most-tradable-currencies/