Circle Issues a Euro-Backed Stablecoin!

Circle, the company behind the USDC stablecoin, is introducing a new digital asset called Euro Coin (EUROC). On June 30, the new Euro Coin will debut as an ERC-20 token on the Ethereum network. "Euro Coin is being issued under a regulated framework for money transmission, under the same statutes that regulate USDC, with full reserves in Euro," Circle CEO Jeremy Allaire tweeted. He also stated that Euro Coin will have "the same security, liquidity, and transparency" as USDC, the industry's second-largest stablecoin with a $54.61 billion market value. "There is clear market demand for a digital currency denominated in euros," Circle CEO Jeremy Allaire stated.