Euro Coin (EURC) is a stablecoin brought to you by Circle, following the same full reserve model as USD Coin (USDC). Its core purpose is to maintain stability while being entirely backed by euros securely held in euro-denominated bank accounts. Each EURC is redeemable at a 1:1 ratio for the euro currency, ensuring its reliability and value.
EURC operates as an always-on stablecoin, enabling seamless global transactions 24/7. Its low-cost transactions settle in seconds, providing a swift and cost-effective means of transferring value. The reserves backing EURC are kept separate from Circle's operating funds, ensuring their security and independence. Circle Mint offers institutional-grade 1:1 on/off-ramp services directly supporting EURC.
Circle's journey in the digital currency space began in September 2015 when it received the first BitLicense issued by the New York State Department of Financial Services. In April 2016, it achieved a significant milestone when the British government granted the first virtual currency licensure to Circle. The Circle Pay app revolutionized traditional fiat currency handling, allowing users to hold, send, and receive fiat currencies seamlessly.
In September 2018, Circle, in collaboration with Coinbase Global, introduced Centre, a consortium responsible for launching digital USDC pegged to the dollar. Fast forward to June 2022, and EURC emerged, unlocking an entire continent to enhanced financial accessibility.
EURC offers various benefits to businesses, developers, and exchanges. Businesses can expand their customer base and accelerate cash-flow processing by adopting EURC for payments. Developers on Solana and other blockchain platforms can seamlessly integrate EURC into their applications, thanks to its multi-chain compatibility. Exchanges can facilitate transactions in the preferred local fiat currencies of the entire European region, providing a more convenient and inclusive financial ecosystem.
Circle envisions a future where digital dollars, including EURC, operate securely across the globe, contributing to a more prosperous global economy for all.
Euro Coin (EURC) maintains its stability through a full reserve model, where it is 100% backed by euros held in euro-denominated banking accounts. Each EURC is redeemable 1:1 for the euro currency, ensuring that its value remains secure and aligned with the euro.
Circle Mint offers an institutional 1:1 on/off-ramp service directly supporting EURC. This service facilitates the seamless conversion of EURC to euros and vice versa. It provides liquidity and accessibility to EURC, making it a valuable tool for users and businesses alike.
Developers on Solana and various blockchain platforms can integrate EURC into their applications thanks to its multi-chain qualities. EURC's compatibility allows for easy incorporation into a wide range of decentralized applications, enhancing their financial capabilities and utility.
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