Circle Announces a Fully-reserved, Euro-backed Stablecoin

Circle Internet Financial, a global internet finance firm and issuer of USD Coin (USDC), announced that it is preparing to issue a fully-reserved, euro-pegged stablecoin from the United States called C (EUROC). Available June 30, Euro Coin is a regulated, euro-backed stablecoin issued under the same full-reserve model and built on the same pillars of trust, transparency, and security that have made USDC one of the world’s most trusted digital currencies. 

The launch of Euro Coin aims to further Circle’s successful work in driving the frictionless exchange of financial value and bridging crypto-native and traditional financial services. Businesses can use EUROC tokens to easily move euro liquidity on-chain, accept and make euro payments globally that can settle in minutes, and access crypto capital markets for trading, borrowing, lending and more. Euro Coin is fully-backed by euro-denominated reserves held conservatively in the custody of leading financial institutions within the U.S. regulatory perimeter, beginning with Silvergate Bank.

“Circle has set industry-leading standards for moving financial value across the internet with USDC,” said Jeremy Allaire, co-founder and CEO of Circle. “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, Circle is helping to unlock a new era of fast, inexpensive, secure and interoperable value exchange worldwide.”