According to a blog post from the company on February 2, Membrane Finance, a Finnish company, a stablecoin backed by the euro has been released, as reported by Cointelegraph.
According to Cointelegraph, the new “EUROe” coin is allegedly “the first and only EU-regulated crypto stablecoin,” according to the company, which holds a licence from the Finnish Financial Supervisory Authority (Fin-FSA).
It is to be further noted that in June, American company Circle Inc. released its own stablecoin backed by the euro, but its Euro Coin (EUROC) was initially held in custody by Silvergate Bank, a company subject to U.S. regulatory oversight.
The company noted that EUROe is being backed by “at least one fiat euro”. However, the company stated that it will permit “near-instant payments” at zero cost, Cointelegraph noted.
“Stablecoins are an essential part of the transition towards blockchain-based money infrastructure, and Europeans deserve to have a full-reserve euro stablecoin from the EU and regulated by an EU-based financial authority. EUROe hopefully brings more regular people to DeFi, who were previously unable to or worried about the volatility of cryptocurrencies,” Juhi Vatela, CEO, Membrane Finance, added.
(With insights from Cointelegraph)
