USD Coin (USDC) creator Circle announced on Thursday it can launch the Euro Coin (EUROC), a redeemable stablecoin pegged to the euro, on June 30.
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- Ethereum-based EUROC will be a part of Circle’s USDC, which is the world’s second-largest stablecoin with over US$54 billion in circulation, in keeping with CoinGecko knowledge.
- Stablecoins have come underneath fireplace since Could after Terra’s LUNA and sister stablecoin UST worn out an estimated US$40 billion inside 48 hours.
- USDC shouldn’t be an algorithmic stablecoin as UST, and Circle claims its stablecoins are backed by money reserves and different types of debt securities and bonds.
- EUROC’s full money reserves can be held in euro (EUR) and observe the identical regulated framework and reporting requirements of USDC, according to Circle Chief Executive Officer Jeremy Allaire.
- Circle has been releasing month-to-month attestation stories drafted by a third-party accounting agency.
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