Circle, The Company Behind The USDC Stablecoin, Announces Euro Coin
2022年6月17日 - 4:47AM
NEWSBTC
Does the world need Euro Coin? There are already stablecoins pegged
to the Euro in the market. The difference here, however, is Circle.
As the issuer of the well-regarded USDC, they have the reputation,
the know-how, and the clientele to make this happen. Even with all
of those advantages, it’s the market that will decide if the world
needs Euro Coin. Related Reading | Crypto Investors Find Safety In
Stablecoins, Bitcoin, Ditch Altcoins En Masse On the project’s
page, they describe it as, “Euro Coin (EUROC) is issued by Circle
under the same full-reserve model as USD Coin (USDC), a trusted
dollar digital currency with more than $54 billion in circulation.”
At first, Euro Coin will exist on the Ethereum blockchain, it’ll be
a traditional ERC-20 already compatible with everything out there.
1/ CIRCLE LAUNCHES EURO COIN: Today, we announced our 2nd major
fiat-backed stablecoin, Euro Coin, which went live on Ethereum
mainnet, and will be available to mint and redeem on June 30th.
https://t.co/vPZkItL0Fu — Jeremy Allaire (@jerallaire) June 16,
2022 The Euro Coin will be “100% backed by euros held in
euro-denominated banking accounts so that it’s always redeemable
1:1 for euros”. The difference with regular euros is that EUROC
will be “available 24/7 and moves at internet speed”. The new
stablecoin debuts on June 30th. “Businesses can mint Euro Coin
straight from the source by depositing euros into their Circle
Account using Silvergate’s Euro SEN network.” What’s Euro Coin ’s
Main Use? In a recent tweet, Circle CEO Jeremy Allaire summarized
the product’s value proposition. “Like USDC, Euro Coin is being
issued under a regulated framework for money transmission, under
the same statutes that regulate USDC, with full-reserves in Euro,
with the same security, liquidity and transparency that the market
has come to expect from Circle”. Does it solve a problem, though?
Two words: foreign exchange. 4/ Euro Coin expands opportunities for
payments, on-chain FX, trade finance, commerce and broader digital
asset markets use-cases. The launch is symbolic of a shift in
crypto markets towards greater and greater utility value from
blockchain infrastructure. — Jeremy Allaire (@jerallaire) June 16,
2022 Back to the project’s page, Circle promises “multi-currency
digital banking and near-instant foreign exchange, where daily
volume in traditional markets can top $6.6 trillion globally.” As
we read a while ago in the Bitcoinist Book Club, “The Bitcoin
Standard” explains how that huge market emerges just to solve “the
age-old problem of lack of coincidence of wants.” As explained by
Saifedean Ammous, the process goes like this: “The seller does not
want the currency held by the buyer, and so the buyer must purchase
another currency first, and incur conversion costs. As advances in
transportation and telecommunications continue to increase global
economic integration, the cost of these inefficiencies just keeps
getting bigger. The market for foreign exchange, at $5 trillion of
daily volume, exists purely as a result of this inefficiency of the
absence of a single global homogeneous international currency.” As
Circle’s numbers show, since the book’s publication the foreign
exchange market kept growing. And since we’re far from living in a
bitcoin standard, with a “single global homogeneous international
currency,” the foreign exchange will keep growing. And that’s where
Euro Coin comes in. ETH price chart for 06/16/2022 on Kraken
| Source: ETH/USD on TradingView.com The New Stablecoin’s
Characteristics Where will the money that backs the operation be?
“Circle will hold euros in euro-denominated banking accounts at
leading financial institutions, beginning with Silvergate Bank in
the U.S.” Related Reading | Crypto Company Circle Seeks To Become
Global Digital Currency Bank “Businesses can use a free Circle
Account to mint and redeem Euro Coin at no additional cost”. Circle
can afford to treat businesses like that because they’re that big
and established. Circle will audit the Euro Coin. “Grant
Thornton LLP will be issuing monthly attestations of Euro Coin
reserves, starting with an attestation for the month of July 2022.
Circle will publish the attestation reports on this webpage, with
July’s report being available to view online by the end of August
2022.” It’s also worth noting that the main criticism the project
received was because they choose Ethereum to start with. However,
Circle promises the Euro Coin in other blockchains soon. And
considering that USDC exists in every smart contract-enabled
blockchain under the sun, there’s no reason not to believe them.
Featured Image: Screenshot from Circle's website | Charts by
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