Euro Coin is a stablecoin that is meant to make international payments easier. EUROC will be launched on Ethereum, although the company behind it intends to expand to other blockchains later on. The coin is being launched by Circle, the same company that created USDC or USD Coin. These two stablecoins follow the same model, where they are backed at a ratio of 1:1 with their respective fiat currencies. USDC has been running since 2017 without losing its peg, so it is expected that the new stablecoin will work just as well.
Briefly about Euro Coin
The EUROC was developed by Circle, a company that is known for its bold ambitions and strong partnerships in the crypto community. The Euro Coin is meant to make it easier for people to make transactions internationally using the Euro. Since it will be available to anyone with an internet connection, the token will enhance access to the euro across time zones and borders.
The Euro denominated stablecoin backed by full reserves, just like the sister coin USDC.CryptoLists.com
In order to get this token, you will have to deposit euros into your Circle Account using the Euro SEN Network of Silvergate. The company is planning to add more deposit options later on. Since the coin is backed 1:1 by actual euros in a euro-denominated account, you can always redeem your fiat currencies by burning the tokens. Unlike other fractional-reserve stablecoins, this one won’t be threatened by mass withdrawals and will be able to maintain its peg 24/7.
Utility of Euro Coin?
Unlike other cryptocurrencies, this one can’t be held as an investment or for speculative purposes. This is because the Euro Coin price is predictable and is always guaranteed to stay at €1. The main reason for holding the token is to make it easier to enter and exit trade positions in the cryptocurrency market. This is because it is easier for people to convert their cryptocurrencies to the stablecoin than to other altcoins or fiat currencies.
The Euro Coin is going to help people use crypto as a hedge against inflation, particularly if they live in countries that lack stable financial systems. For example, people living in Venezuela can convert their fiat currencies to EUROC in order to maintain the value of their money.
It is also worth noting that the Euro is among the most widely-used and trusted fiat currencies in the world. Along with the US dollar, the Euro is used to facilitate global transactions. With the EUROC stablecoin, individuals and companies will be able to conduct trade 24/7 without having to deal with the volatility of Bitcoin and similar cryptocurrencies.
Although Ethereum gas fees can be very high, they don’t increase depending on the size of the transfers. That means users can end up paying lower fees than they would when transferring funds over PayPal and similar traditional payment systems.
Euro Coin Price details
›› EUROC tokenomics and social media
Advantages at Euro Coin+ Euro Coin uses the full reserve system and is extremely unlikely to fail.
+ Circle, a respected crypto firm, issues the token.
+ The coin offers price stability in the crypto sector.
+ It’s highly liquid as it can be turned to Euros.
Disadvantages- It can’t work as an investment.
- Transfer fees can be very high as it uses the Ethereum blockchain.
- Regulations in the crypto sector may affect this token.
- Transaction speeds can be very low depending on network conditions.
Costs▪ Rated at 8/10
This Euro coin will initially be launched on the Ethereum blockchain, so users will need to pay the regular ETH gas fees when making transfers. At the moment, these costs average at around $20 per transaction. The fees can be a lot lower when there is little traffic on the network.
Reputation and Buzz▪ Reputation rated at 10/10
▪ Buzz rated at 10/10
Circle, the firm behind this stablecoin, is highly respected in the crypto community. Its CEO and founder is Jeremy Allaire, and he is known for having attracted the support of major players in the crypto sector. The company is highly reputable, and this is partly because its USDC stablecoin has worked perfectly over the past few years. Its Twitter account has about 90,000 followers.
What is a stablecoin?
These are cryptocurrencies that are pegged to fiat currencies like the USD and Euro. Their prices are fixed and rarely deviate from the expected price. Full-reserve stablecoins are guaranteed to always maintain their peg.
Who created this coin?
This stablecoin was developed by Circle, a company that is headed by Jeremy Allaire. Circle was founded in 2013 and has partnered with major crypto firms like Coinbase on lots of projects.
How can I get this stablecoin?
These tokens aren’t minted out of thin air; companies have to deposit euros in order to get the altcoin. It is also possible for people to purchase the token on crypto exchanges such as Kucoin, Coinbase, Binance Exchange and Poloniex.
Is there a chance that this coin will collapse?
The recent collapse of the Terra ecosystem caused concerns in the crypto community, and this led to quick regulations in several parts of the world. EUROC is backed by actual euros in an account, so it is unlikely to ever lose its peg. The sister coin from the same company, USD Coin (USDC), is one of few stablecoins that kept it's peg to the dollar since launch.
Which wallets can I use to store these tokens?
Since this is an ERC-20 token, you can store it in any wallet that supports similar coins. Some of these are MetaMask, Ledger Nano S, and Trezor.