- This addition allows Bitso’s customers and institutional clients to carry out transactions denominated in euros.
- Circle, a global financial technology firm, issues USDC and Euro Coin, two trusted and transparent stablecoins in the market.
Mexico City, MX — January 12, 2023 — Bitso, the leading financial services company powered by crypto in Latin America, continues its commitment to facilitating greater access to stablecoins by adding Euro Coin (EUROC) to its offerings. Issued by Circle, EUROC, a euro-backed stablecoin, is now available to Bitso’s 6 million+ customers to convert, buy, sell, deposit, save, invest or make local and international transfers in euros. Bitso is the first Latin American company to offer EUROC.
International transfers are one of the most widely adopted use cases for crypto technology, with stablecoins emerging as a useful option for anyone who wants to transfer funds between entities or countries. Listing the EUROC token was a natural continuation of Bitso’s mission to offer borderless access to money to its users. Currently, 4.6 million Latin Americans live in Europe, and the trade balance from 2020 as of today between Europe and Latin American countries amounted to almost 200 billion euros, according to the Observatory of Economic Complexity (OEC). Individuals and institutions on both sides of the Atlantic can benefit from the introduction of euro-pegged stablecoins in Latin America.
This listing is possible due to Bitso's partnership with Circle, a trusted global fintech institution that is at the center of digital currency innovation and open financial infrastructure. In addition to issuing USD Coin (USDC), which has been available on Bitso’s platform since 2020, Circle recognized the need for a euro-pegged stablecoin. Operating under the same transparent, full reserve model as USDC, Euro Coin is 100% backed by euros held in euro-denominated banking accounts so that it’s always redeemable 1:1 for euros.
“Adding Euro Coin brings everyday utility value for Bitso’s growing list of customers and clients that have a desire to transact with a fully-reserved, euro-denominated digital currency,” said Joao Reginatto, Vice President of Product at Circle. “We are excited to see the expansion of EUROC into the Latin American market and support Bitso’s mission of bringing borderless access to money for its users.”
Since launching on the Ethereum network at the end of June 2022, Euro Coin has a market capitalization of 26 million euros, according to CoinGecko. It opens up new possibilities for multi-currency digital finance and near-instant currency exchange, where daily volume in traditional markets can exceed $6.6 billion globally.
"We add useful and innovative assets to our platform to continually expand use cases for our users that solve the needs of our region,” said Andrés Salcedo, Crypto Strategy Leader at Bitso. “We are confident that including Euro Coin into our portfolio will help us leverage the usage of stablecoins across the region, promote international transfers with transactions in euros and will allow people and companies to prosper in a global digital economy."