Europe finally has its stablecoinMembrane Finance, a Finnish company working to bridge the gap between traditional finance and the cryptocurrency market, unveils its EUROe stablecoin. It is the first 100% European euro-backed stablecoin, from the management of its reserves to its regulation. By comparison, Circle's EUROC, for example, is a euro-backed stablecoin with reserves secured at Silvergate Bank in the United States.Available initially on the Ethereum (ETH) blockchain, the EUROe is backed by the euro and each EUROe is backed by its equivalent in fiat currency in a financial institution or in a European bank, according to the press release.The class of stablecoins is a category of cryptocurrency defined to have a fixed price backed by a real asset. The best known, such as USDC, USDT or DAI for example, are pegged to the US dollar. If you want to know more about how a stablecoin works, we invite you to read our dedicated guide.According to Membrane Finance, EUROe is the fruit of “2 years of hard work to build the most robust and regulatory-compliant European payment systems”. The stablecoin also benefits from a license from FIN-FSA, Finland's financial supervisory authority, which should "allow it to be competitive in the market before the entry into force of the European MiCA legislation". .👉 Find our top 10 wallets to protect your cryptocurrenciesThe all-in-one crypto app0 fees for your 1st crypto purchase 🔥 (up to $200)toaster iconDiscover ZenGoInvesting in cryptocurrencies is risky (learn more)The happy medium between regulation and decentralized finance?According to Membrane Finance, the EUROe should succeed in playing several roles in order to be effective in different sectors of activity, with the aim of becoming a benchmark stablecoin on a European scale, whether for individuals or for professionals.“The EUROe enables transparent and near-instantaneous payments around the world at near zero cost. Therefore, individuals, businesses and governments can use EUROe while avoiding the risks and complexities of converting and paying in volatile cryptocurrencies. [...] We want to bring decentralized finance to the masses and make it as easy as possible to allow Europeans to use a currency they trust and know. »Addressing novices or professionals likely to find interest in the EUROe, the Finnish company is developing the interest of the large-scale blockchain, particularly in terms of its immutability and therefore the availability of data. reliable on-chain, accessible at any time and by everyone.Regarding its future projects, Membrane Finance is already working to make the EUROe transferable cross-chain and to build its own tokenization platform thanks to a recent fundraising of 2 million euros.Finally, note that the EUROe can already be exchanged and integrated into smart contracts. For example, it is possible to obtain it on the decentralized finance protocol Uniswap (UNI).
