CEX.IO Spotlight: Euro Coin (EUROC)

Key Information (July 27, 2022)

  • Circulating Supply — 520,000 EUROC
  • Total supply — 520,000 EUROC
  • Sector — Stablecoins
  • Token Type — ERC-20
  • Token Usage — Payments
  • Launch date: June 30th, 2022
  • All-time high — $1,08
  • ATH Date — June 30th, 2022

What is Euro Coin (EUROC)?

Euro Coin (EUROC) follows the same full-reserve model as USD Coin (USDC), a trusted dollar digital currency with more than $55 billion in circulation. Issued by Circle and designed for stability, euros held in euro-denominated banking accounts back Euro Coin 100% so that it is typically redeemable 1:1 for euros.

Aside from being available 24/7, Euro Coin also moves at internet speed. Coupled with USDC, this stablecoin opens new possibilities for near-instant foreign exchange and multi-currency digital banking. It enhances access to the euro across time zones and geographical borders and is available to anyone with an internet connection. 

Since EUROC is not mined, but minted, the process requires connecting Euro-denominated bank accounts to a Circle account. In other words, euros are deposited, and an equivalent number of EUROC is minted at no additional cost, which further lends to the credibility and stability of this unique stablecoin.

Circle, the company behind Euro Coin, was co-founded by Sean Neville and its current CEO, Jeremy Allaire. Neville stepped down from his co-CEO position but is still on Circle’s executive board. 

Core use cases of Euro Coin

At its core, Euro Coin is available to anyone, from individuals and businesses to institutional traders and exchanges. 

  • Individuals can use Euro Coin throughout the innovative Web3 ecosystem and DeFi. They can transfer money quickly cross-border to family and friends or pay for goods and services at participating merchants.
  • Businesses can benefit from accepting Euro Coin payments by achieving faster cash flow and expanding their customer base. Simultaneously, they can make global payments to employees, vendors, and suppliers using EUROC, which can settle in minutes. 
  • Institutional traders can use Euro Coin to make markets, but that’s only the beginning. They can also take advantage of arbitrage opportunities across decentralized finance (DeFi) and digital asset exchanges.
  • By enabling customers the opportunity to convert euros to Euro Coin, exchanges can also provide access to near-instant stablecoin trading and new digital asset trading pairs. 

Euro Coin is an Ethereum ERC-20 standard token. As such, Euro Coin broadly works with ERC-20 compatible blockchain services, protocols, and wallets that run on the Ethereum blockchain. 

ERC-20 is among the widely accepted technical standards for crypto tokens. For example, Tether minted more USDT on the competing TRON network. Its TRC-20 standard successfully saved consumers from additional costs like gas fees. Ethereum-based EUROC issuer Circle took note of this occurrence and announced plans to launch Euro Coin on additional blockchains in the near future.

The issues that Euro Coin (EUROC) fixes

Just as USDC tracks the U.S. dollar and is available across numerous chains instead of only Ethereum, the Euro Coin is similarly pegged directly to the euro. Consequently, Euro Coin follows USDC’s success as a transparent, fully collateralized, and regulator-friendly cryptocurrency.

Assurance of Stability

Euro Coin is designed to provide assurance of stability to individuals and institutions. The need for creating a cryptocurrency stablecoin pegged to the euro stems from the euro being the second most popular choice for global financial settlements. In other words, the crypto industry is global in nature, but most exchanges offer USD pairs as the default, not to mention the convention of quoting prices in USD. Therefore, stablecoins pegged to the dollar have historically made up the majority of (collateralized) stablecoins.

Since EUROC was launched by Circle, the same company that co-launched USDC, Euro Coin aims to serve a similar purpose as its sister coin pegged to the USD. The coin ultimately enables euros to flow on both decentralized and centralized exchanges worldwide, boosting overall liquidity and increasing the choice and number of trading pairs. 

Facilitator of Global Payments and Cash Flow

EUROC’s availability ultimately makes life easier in the payments arena for individuals and businesses, especially in the eurozone. It is a powerful tool for expanding cash flow and overall growth, with near-instantaneous settlements as an added benefit. 

Euro Coin facilitates receiving payments denominated in euros from customers worldwide. On the other hand, it also makes it possible to pay team members and vendors in one’s own regional currency without having to note exchange rates.

With CEX.IO, you can purchase EUROC and exchange it for USD and EUR. Besides benefitting from the features that Euro Coin provides, users can also trade EUROC to take advantage of its potential adoption.

Disclaimer: Information provided by CEX.IO is not intended to be, nor should it be construed as financial, tax, or legal advice. The risk of loss in trading or holding digital assets can be substantial. You should carefully consider whether interacting with, holding, or trading digital assets is suitable for you in light of the risk involved and your financial condition. You should take into consideration your level of experience and seek independent advice if necessary regarding your specific circumstances. CEX.IO is not engaged in the offer, sale, or trading of securities. Please refer to the Terms of Use for more details. 

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