Circle Internet Financial, the issuer of USD Coin (USDC), has announced its new stablecoin, which is pegged to the euro and fully backed by reserves. This announcement indicates that the demand for crypto forex services is still high despite the recent turmoil in the market.
In a statement shared with Cointelegraph on Thursday, Circle announced that Euro Coin (EUROC) will begin trading on June 30. Just like USDC, Euro Coin will be a stablecoin with reserve, in this case, fully backed and regulated by the euro. That is, euro-denominated equivalents will be held in US-controlled financial institutions for both a EUROC token in circulation.
The first listed custodian for the euro-indexed stablecoin was crypto-friendly financial service Silvergate Bank.
EUROC, which can be used for payments, trading and loans, will offer businesses broader access to euro liquidity. The stablecoin will first be released on the Ethereum blockchain as an ERC-20 token.