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By the end of June, the issuer of the USD Coin (USDC) stablecoin Circle will release a new stablecoin secured by the euro. In a statement, it is reported that Euro Coin (EUROC) will be issued on the same model with full reservation as USDC.
Like USDC, users will be able to convert the euro directly into EUROC and vice versa, it will be available on exchanges in trading pairs with other cryptocurrencies.
EuroC will be 100% backed by the euro, and this is the main difference with the USDC stablecoin, which is backed by US dollars and short-term US government bonds.
Reserves in euros will be stored in financial institutions controlled by US regulators. Silvergate Bank will be the first vault of the EUROC stablecoin, then the list will be expanded by Anchorage Digital, CYBAVO and Fireblocks.
Initially, Euro Coin will be launched as an ERC-20 token on the Ethereum network, later the stablecoin will be presented on other blockchains.
EUROC joins a small group of euro-backed stablecoins, including EURt from Tether and Stasis Euro (EURS) from Stasis.
Binance.US, MetaMask and Ledger have already announced their support for the digital asset.
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