Advantages of Using EUROC
EUROC, as a cryptocurrency, can be bought and sold 24/7, eliminating the need for intermediaries such as banks. The coin operates at internet speeds, potentially disrupting the Forex market. With the EUR/USD pair currently at a multi-year low, launching EUROC couldn’t come at a better time. As these two currencies represent the largest economies in the world, they are widely traded in Forex markets. Traders will now be able to buy and sell these currencies at any time through cryptocurrency exchanges using EUROC and USDC. However, it’s important to note that the European Central Bank (ECB) has been slower to raise interest rates compared to the Federal Reserve.
The Euro is one of the world’s most critical currencies, and the introduction of EUROC will streamline its use. Since the stablecoin is backed 1:1 by actual Euros, it holds the same value as the fiat currency. Unlike fiat, the stablecoin can be transferred instantly and at a very low cost. Its rapid transaction times make it an ideal option for cross-border payments.
Similar to USDC, EUROC will be a strong option during times of high market volatility. CryptoChipy followers know that converting cryptocurrencies to stablecoins is typically easier than converting to fiat. This feature allows traders to quickly exit volatile markets and re-enter when prices stabilize or rise.
Which Blockchain Will Host EUROC?
Like USD Coin, EUROC will initially be launched on Ethereum and will be an ERC-20 token. However, the development team has plans to expand to other blockchains later in the year. This will allow integration with various applications built on these blockchains.
EUROC is supported by a variety of key players within the crypto space, including:
- Binance
- Binance.US
- FTX
- Globalni Huobi
- Uniswap protokol
- Glavna knjiga
- MetaMask
Developers can begin integrating with the EUROC smart contract ahead of the launch. Starting on the launch date, businesses will be able to mint EUROC by depositing Euros into their Circle account via the Euro SEN Network of Silvergate. More deposit options will be introduced over time. Using the Circle account, stablecoin holders will be able to redeem their Euros and burn EUROC tokens.
As an ERC-20 token, EUROC will be compatible with most ERC-20 wallets, protocols, and blockchain services. Additionally, its planned expansion to other blockchains will ensure compatibility with even more services.
Final Misli
Circle, the consortium behind USDC, is preparing to launch EUROC at the end of June. This stablecoin will be fully backed by Euros, meaning holders can redeem their tokens for Euros at any time. With its full-reserve model, EUROC will always be pegged to the Euro, the official currency of 19 EU countries and over 340 million people. The stablecoin will initially launch on Ethereum, but Circle plans to expand to additional blockchains later in the year. The coin has received significant backing from major exchanges, crypto platforms, DeFi applications, and wallets.
Stay updated with Criptochipy to follow the progress of this story and learn more about the evolving world of cryptocurrencies.
Want to Learn More About Stablecoins? Explore PAXG (gold-backed), USD Coin (USDC)—from the same company behind EUROC—along with Binance USD (BUSD) and Tether (USDT). These are some of the biggest names in the stablecoin world. Click here for an overview of 45+ stablecoins.
