EURC
Introduction
EURC is issued by Circle under the same full-reserve model as USDC (USDC). Designed for stability, EURC is 100% backed by euros held in euro-denominated banking accounts to be redeemable 1:1 for euros.
Background
Jeremy Allaire from Circle stated: “There is clear market demand for a digital currency denominated in euros, the world’s second most traded currency after the U.S. dollar. With USDC and Euro Coin (now EURC), Circle is helping to unlock a new era of fast, inexpensive, secure and interoperable value exchange worldwide.”
Launch
EUROC was made available on June 30, 2022. The name “Euro Coin” and symbol “EUROC” were used in the past and are being phased out for EURC.
How does it work?
EURC is 100% backed by euro so that it’s always redeemable 1:1 for euro. EURC reserves are bankruptcy remote and monthly attestation reports are conducted by a Big Four accounting firm.EURC is supported by Circle Mint, an institutional 1:1 on/off-ramp service offered directly from Circle at no additional cost.
Sources and Resources
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