Circle, the issuer of the second-largest stablecoin USDC, plans to launch a Euro-backed stablecoin on June 30 on the Ethereum blockchain. However, the EUROC digital currency will be launched from the United States.
The digital currency will be backed by euro-denominated reserves held within the U.S. regulatory perimeter, beginning with Silvergate Bank.
“There is clear market demand for a digital currency denominated in euros, the world’s second most traded currency after the U.S. dollar,” said Jeremy Allaire, co-founder and CEO of Circle. “With USDC and Euro Coin, Circle is helping to unlock a new era of fast, inexpensive, secure and interoperable value exchange worldwide.”
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