Banking Circle Launches EUR1-Pegged Stablecoin Targeting EU Market

The MiCA Regulation, introduced in June, aims to promote the use of innovative technologies by creating a regulatory framework covering crypto assets

Banking Circle has officially launched its new EUR1 stablecoin, dubbed Eurite (EURI), following regulatory approval from the Monetary Authority of Singapore (MAS). The stablecoin will be pegged to the euro and fully backed by fiat reserves held by Banking Circle.

The new stablecoin will be available on the Ethereum and BNB Smart Chain blockchains. It will initially be listed on Binance and AG, with plans to expand to other exchanges in the future. The burning and minting of EURI will be handled by Fireblocks' Tokenization Engine and secured by its Multi-Party Computation (MPC-CMP) technology.

Banking Circle is a leading provider of global payments and treasury solutions. The company's stablecoin is designed to provide users with a fast, secure and cost-effective way to transfer and store funds. It is also fully compliant with the latest European regulations, including the Markets in Crypto Assets (MiCA) Regulation.

“Stablecoins play a pivotal role in bridging the gap between traditional and digital finance. They offer the benefits of crypto assets, such as 24/7 accessibility and lower transaction costs, while being pegged to fiat currencies to maintain price stability,” said Daniel Lee, Head of Web 3 at Banking Circle.

"Banking Circle is uniquely positioned to spearhead this initiative, thanks to our deep understanding of the digital asset industry and our commitment to delivering innovative payment solutions. We look forward to continuing to push the boundaries of financial technology and making Web 3 accessible to all.”

Stablecoins have become increasingly popular in recent years, with a total global market capitalization of over $160 billion. However, only a small fraction of this amount is pegged to the euro. This is expected to change in the coming years, with Next Generation predicting that euro-pegged stablecoins could reach a market capitalization of $15 billion by 2025, $70 billion by 2026 and over $2.5 trillion by 2029.

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