News

Banking Circle launches bank-backed MiCA-compliant stablecoin, EURI

Monday 26 August 2024 14:41 CET | News

Tech-driven payments bank Banking Circle has announced the launch of EURI, a stablecoin compliant with the Markets in Crypto Assets Regulation (MiCA).

Following this announcement, the launch of EURI was announced after the implementation of the first phase of the MiCA regulation, which applies to asset-referenced tokens, as well as e-money tokens from the 30th of June 2024. 

In addition, the financial institution is set to continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.

Tech-driven payments bank Banking Circle has announced the launch of EURI, a stablecoin compliant with the Markets in Crypto Assets Regulation (MiCA).

More information on the announcement

The MiCA regulation was developed in order to foster the use of optimised technologies by setting a regulatory framework that covers crypto-assets, crypto-assets issuers, as well as crypto-asset service providers to protect the rights of holders in the EU. EURI represents the first MiCA-regulated stablecoin that was issued and backed by a bank in the EU. Eurite will first be available via Binance, with more exchanges to follow. 

At the same time, the burning and minting of EURI will be enabled by the Fireblocks Tokenization Engine and secured by its Multi-Party Computation (MPC-CMP) technology.

Included in the key benefits of EURI are the safety and security of the products, as all hoder fiat funds received in exchange for EURI will be segregated and held in cash equivalents in a bankruptcy remote structure by the Banking Circle. The tool will be available on the Ethereum and BNB Smart Chain blockchains and subject to transaction monitoring, as well as risk assessments for fraud identification and general risk mitigation. 

EURI was developed to be fully compliant with the MiCA regulation, and it is set to be audited by a secure auditor to ensure parity between the EURO in circulation, and the overall cash that is received from EURI holders. The tool will also provide efficiency, as fiat conversion can be timely and costly. The e-money token represents the most frictionless option for fiat hedging transactions, while EURI can be leveraged for the fast and efficient settlement of other digital currency assets. 

The holders of EURI will also have a right of redemption at any time and at par value, which means that they will have the possibility to request for Banking Circle to redeem (return) the EURI at 1 EUR per 1 EURI at any given time.



Source: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: product launch, stablecoin, cryptocurrency, cryptocurrency exchange, crypto, crypto asset, digital assets
Categories: DeFi & Crypto & Web3
Companies: Banking Circle
Countries: Europe
This article is part of category

DeFi & Crypto & Web3

Banking Circle

|
Discover all the Company news on Banking Circle and other articles related to Banking Circle in The Paypers News, Reports, and insights on the payments and fintech industry:





Industry Events