What is EURC?

EURC is a euro-backed stablecoin issued by Circle, designed to provide stability in the digital currency market. It operates under a full-reserve model, meaning it is 100% backed by euros held in euro-denominated banking accounts. This design intends to allow EURC to be redeemed 1:1 for euros, providing a level of consistency for its users. EURC is accessible globally on various blockchain platforms including Avalanche, Ethereum, and Stellar. It aims to facilitate access to the euro across borders and time zones, making it available to anyone with an internet connection.

How does EURC work?

EURC operates on a full-reserve model, meaning it is 100% backed by euros held in euro-denominated banking accounts. This design intends to allow each EURC token to be redeemed 1:1 for euros, providing a level of stability and consistency for its users. The stablecoin is available 24/7 and enables near-instant, low-cost payments worldwide. It is natively available on Avalanche, Ethereum, and Stellar blockchains, allowing it to be sent, spent, and traded around the globe at any time. EURC reserves are bankruptcy remote, meaning they are held separately from Circle’s operating funds, providing an additional layer of security for its users.

What are the potential use cases for EURC?

EURC aims to unlock new possibilities for multi-currency digital banking and near-instant foreign exchange. It can be used by businesses to expand their customer base and improve cash flow by accepting EURC payments. It also enables businesses to send remittances globally to suppliers, vendors, and employees with funds that can settle in seconds. Developers can integrate EURC into apps that run on Avalanche, Ethereum, and Stellar, building on the network that best suits their needs. Institutional traders can utilize EURC in their operations and provide liquidity to borrowing and lending services throughout the multi-chain ecosystem.

What is the history of EURC?

EURC is issued by Circle, a global financial technology firm that also issues USDC, a well-known dollar digital currency. The stablecoin was designed to provide stability in the digital currency market and facilitate access to the euro across borders and time zones. It operates under a full-reserve model, meaning it is 100% backed by euros held in euro-denominated banking accounts. This design intends to allow each EURC token to be redeemed 1:1 for euros. The stablecoin is available 24/7 and enables near-instant, low-cost payments worldwide. It is natively available on Avalanche, Ethereum, and Stellar blockchains, allowing it to be sent, spent, and traded around the globe at any time.