- Euro Coin is a fully reserved, euro-backed stablecoin that is always redeemable 1-for-1 for euros
- MB users can now access near-instant foreign exchange from local currency to euros
São Paulo, May 3, 2023 — MB (Mercado Bitcoin), the largest digital asset platform in Latin America, now lists Circle Internet Financial’s euro-backed stablecoin, Euro Coin, on its platform. Euro Coin, which uses the token symbol EURC, is issued on the Ethereum network and can be used with any ERC-20 compatible wallet, app, or DeFi protocol.
Circle is also the issuer of USDC, one of the largest fully reserved, dollar-backed digital currencies that powers apps to provide anytime access to payments and financial services around the world. In 2022, Circle launched Euro Coin so that anyone with an internet connection can access euros as a store of value and for near-instant payments across borders. Euro Coin can be an option to help mitigate market volatility in crypto capital markets, as users can readily exchange their digital assets for the stablecoin and avoid withdrawing their funds from the market. As of April 27, 2023, Euro Coin has more than €48 million in circulation.
"We are very excited to list Euro Coin on our platform and allow our users to have access to another transparent and stable digital asset", said Fabrício Tota, Director of MB. "We do believe that the Euro Coin listing will make investments in euros easier and more practical."
“Bringing Euro Coin to Mercado Bitcoin allows a broader group of Latin-America based communities to experience a multi-currency digital financial environment with near-instant FX,” said Joao Reginatto, VP of Product at Circle. “We are excited to help support Mercado Bitcoin as they bring a borderless, stable and transparent digital currency like Euro Coin to their users.”
To buy the asset on the Mercado platform, users must transfer their money (via the Brazilian instant payment tools TED or PIX) to Mercado Bitcoin. Once the deposit is validated, the customer selects the cryptocurrency “Euro Coin (EURC)” in the left sidebar and clicks on “buy and sell”. Then, the investor chooses the purchase value and confirms the transaction.