USDC issuer Circle Internet Financial is set to issue a fully-reserved, euro-pegged stablecoin from the United States called Euro Coin (EUROC).
Available from 30 June, Euro Coin will be a regulated, euro-backed stablecoin issued under the same full-reserve model as USDC, which currently has over $54 billion in circulation.
Businesses can use EUROC tokens to move euro liquidity on-chain, accept and make euro payments globally that can settle in minutes, and access crypto capital markets for trading, borrowing and lending.
Circle says that Euro Coin is fully-backed by euro-denominated reserves held conservatively in the custody of leading financial institutions "within the US regulatory perimeter".
Initially launching on the Ethereum blockchain, the coin will have support at launch from a number of big industry players, including Anchorage Digital, Binance.US, Bitstamp, Compound, Curve, CYBAVO, DFX, Fireblocks, FTX, Huobi Global, Ledger, MetaMask Institutional, and Uniswap Protocol.
Jeremy Allaire, CEO, Circle, says: “There is clear market demand for a digital currency denominated in euros, the world’s second most traded currency after the U.S. dollar. With USDC and Euro Coin, Circle is helping to unlock a new era of fast, inexpensive, secure and interoperable value exchange worldwide.”