Circle, issuer of the popular stablecoin USD Coin (USDC), will issue a new Euro-backed stablecoin by the end of the month.
According to the company, the Euro Coin (EUROC) will be issued on the same model with full reserve as USDC.
Just like USDC, users will be able to convert euros directly into EUROC and vice versa. The asset will be available on exchanges in trading pairs with other cryptos.
The EUROC will be 100% backed by euros, and that is the main difference with the USDC, which is backed by US dollars and short-term US government bonds.
The stablecoin’s reserves will be held at financial institutions controlled by US regulators.
The Euro Coin will be launched as an ERC-20 token on the Ethereum network at first and will be added to other blockchains in the future.