STASIS launches EURS, a stablecoin backed by the Euro
Financial tokenization platform STASIS launches EURS, a stablecoin backed by the Euro. The 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.
STASIS has designed EURS specifically to satisfy growing demand on cryptocurrencies from European institutional investors. By investing in EURS, investors have access to a trustworthy product during periods of excessive volatility and speculation in the cryptocurrency markets combined with the additional ability to seamlessly transfer off-chain assets in the blockchain and back again. Furthermore, investors achieve this with dramatically reduced counterparty risk, as a result of the platform’s transparent and vertically integrated network of partners.
Secured by the Ethereum blockchain technology, EURS leverages it to travel between wallets. However, users do not necessarily need Ether to carry out a transaction, if it originates from a STASIS wallet app.
EURS Token, built on Ethereum’s streamlined EIP-20 standard, is the first stablecoin backed 1-for-1 by the Euro with reserve balances verified and posted to the public by one of the Big Four accounting firm. EURS is the first cryptocurrency to release the most advanced 3-level asset verification process. Weekly verification, combined with daily statements by the liquidity providers give unprecedented continuous transparency of reserved assets. This is the most rigorous and transparent verification process of any stablecoin currently available in the market.
EURS is available for exchange on the London-based exchange DSX since 04 July. Other major cryptocurrency exchanges will follow in upcoming months.
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.”
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.
Stablecoins are a multi-billion-dollar market that will only accelerate in growth exponentially once institutional cryptocurrency traders and cryptocurrency hedge funds will enter the market, seeking cryptocurrency assets that mitigate volatility and risk. EURS is perfectly positioned to this end. It 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.