EUROe is an EU-regulated full-reserve stablecoin that is registered in the EU as an Electronic Money Institution (EMI) by the FIN-FSA. EUROe is always redeemable for one Euro, and for each EUROe issued, at least one fiat Euro exists in a European financial institution or bank.
The GEN-X network represents a Web3 ecosystem created with Polygon Supernets designed for the European AI and data infrastructure initiative Gaia-X. The partnership between Membrane Finance, deltaDAO and Polygon Labs allows participants in the Web3 ecosystem and Gaia-X to settle AI, data, and infrastructure service transactions on the GEN-X network in EUROe. These settlements can take place almost instantly on the blockchain for a significantly lower cost when compared to traditional payment networks.
According to the official press release, the pan-European cross-sector initiative Gaia-X was designed to support a more open and democratic data infrastructure. The initiative comprises more than 365 organisations and companies from 21 national hubs in sectors such as manufacturing, finance, agriculture, energy, mobility, aerospace, tourism, and healthcare.
Created by deltaDAO and powered by Polygon Supernets and Ocean Protocol technology stack, the GEN-X network links these industries with AI, Web3, and decentralised financial services in a bid to allow transparency, portability, data sovereignty, and interoperability between the data and services of these sectors.
In the official press release, deltaDAO officials highlighted Europe’s need to tackle current market imbalances in order to become more digitally competitive on the world stage. They also talked about the integration of EUROe into the GEN-X network and how it can help support a seamless and frictionless digital economy.
EUROe allows the cross-border settlement process to become simpler and more affordable, minimising third-party risks and the need for intermediaries. As a result, applications that natively integrate into the network can settle with a high degree of interoperability, mainly because the participants no longer need to rely on numerous payment providers.
As e-money, EUROe can also be used by large enterprises on private blockchains and non-blockchain environments. Considering the decentralised autonomous ecosystems in Gaia-X, this EUROe feature is important, as some networks were designed to be private while remaining connected to a wider ecosystem.
EUROe can also support faster and cheaper international payments. It can also be integrated into any Gaia-X-related application to allow automated and programmable Euro-denominated value transfers.
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