Circle, a member of the Centre consortium, has just introduced the stablecoin Euro Coin (EUROC), which is pegged to the euro.
According to the company, the EUROC is a full-reserve stablecoin. The token is backed by euro-denominated reserves held by financial institutions “within the US regulatory perimeter.” One such organization will be Silvergate Bank.
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Circle has not specified whether the collateral consists solely of coins or includes other instruments such as bonds and commercial paper.
The Euro Coin has been initially launched on the Ethereum blockchain as an ERC-20 standard token. However, the project developers have promised they will add support for additional networks in the future.
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The initial supply of the stablecoin is available through Silvergate Exchange Network.
The start of trading of the instrument is scheduled for next June 30.