Financial tokenization platform STASIS announces EURS which is the first stablecoin built on Ethereum’s streamlined EIP-20 standard that is backed 1-for-1 by the Euro with reserve balances verified and posted daily to the public by KPMG. This is the most rigorous and transparent verification process of any stablecoin available in the market.
EURS is well positioned to become the dominant player in the accelerating stablecoin market, with more than $300 million in pre-launch order bookings. This order volume is projected to reach $500 million by year’s end and will instantly make EURS the world’s #1 verified and fully collateralized stablecoin.
EURS will launch in June on STASIS and on the London-based exchange, DSX.
Most impressively, by using the STASIS platform, investors can transact freely between any registered security such as stocks, bonds, and treasury bills, and EURS without the need of a banking intermediary. Given that banks have been reluctant to serve the crypto industry at large, this first-of-its-kind flexibility provides a solution by decentralizing payments and moving away from banking intermediaries.
STASIS is based in Malta and is working towards obtaining a licence under Malta’s recently released regulatory framework related to distributed ledger technologies (“DLT”), making Malta the first country in the EU to issue regulation related to this industry.
Hon. Silvio Schembri, Minister within the office of the Prime Minister responsible for Financial Services, Digital Economy and Innovation says “We welcome any blockchain initiatives such as STASIS that while being innovative, will still respect and encourage compliance and we look forward to the company applying for a licence under our DLT regulatory framework. The Government of Malta wants to create an environment conducive to the development of the blockchain ecosystem that will make Malta the natural destination for businesses operating in this field.”
With STASIS and EURS, investors have access to a trustworthy safe haven during a period of excessive volatility and speculation in the cryptocurrency markets with the additional ability to seamlessly transfer off-chain assets in the blockchain and back again. Furthermore, investors can also achieve this with dramatically reduced counterparty risk, as a result of the platform’s transparent and vertically integrated network of partners.
EURS is fully compliant with all existing European regulatory requirements, with a strong focus on AML and KYC, and its partnership with KPMG ensures the highest levels of trust and transparency also when compared to other existing stablecoins.