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Key Points

  • EURI is a euro-backed stablecoin regulated under the European MiCA framework.

  • EURI is issued by Luxembourg-based Banking Circle SA. Its smart contract has been audited by blockchain security firms such as PeckShield.

  • Eurite operates on Ethereum and BNB Smart Chain to ensure fast and secure transactions.

What is EURI?

Eurite (EURI) is a euro-backed stablecoin. The value of EURI is pegged to the value of the euro at a ratio of 1:1. Stablecoins like EURI are very useful for users who want to enjoy the speed and convenience of digital transactions without worrying about the volatility of the crypto asset market.

EURI is issued by Banking Circle SA, a Luxembourg-based financial institution. The token is designed to maintain a 1:1 value with the euro. This means that for every EURI in circulation, there is an equivalent amount of euros held in reserve. The stablecoin aims to facilitate secure, fast, and cheap transactions.

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1. Compliance with MiCA regulations

EURI is one of the first stablecoins to comply with Europe’s MiCA (Markets in Crypto-Assets) regulation that governs digital assets across the European Economic Area (EEA). MiCA is essentially a set of rules to keep things compliant and ensure that stablecoins like EURI are safe and secure.

2. Blockchain support

Eurite operates as an ERC-20 token on the Ethereum blockchain and a BEP-20 token on the BNB Smart Chain (BSC). These widely used blockchains allow EURI to be easily traded, stored, and transferred. Both chains use a Proof of Stake (PoS) mechanism, allowing for faster and more efficient transaction confirmations.

3. Pegged to the euro

EURI is pegged to the euro at a 1:1 ratio, meaning that its goal is to track the value of the euro as closely as possible. This is achieved by backing each EURI issued with an equivalent amount of euros held in a secure fiduciary reserve account. This peg helps mitigate the volatility that often occurs in other cryptocurrencies, providing a stable digital asset for users.

4. Security and audit

To ensure security and transparency, EURI’s smart contract has been audited by blockchain security firms such as PeckShield. Banking Circle ensures that the funds backing EURI tokens are audited regularly to confirm that each EURI is properly collateralized.

How Does Eurite (EURI) Work?

Everyday users can buy, sell, or trade EURI on crypto exchanges like Binance. There, you will find trading pairs like EUR/EURI or EURI/USDT.

If you are a business or institutional player, the process of getting EURI is relatively simple. You just need to create and deposit euros into your Banking Circle account, then they will mint (create) an equivalent amount of EURI tokens and add them to your special wallet.

You can use EURI tokens for trading, making payments, or other purposes. When you no longer need the tokens, you can redeem them for EUR through your Banking Circle account. They will "burn" the EURI tokens, then send you the equivalent amount of euros back.

Uses and Benefits

Digital asset transactions

EURI facilitates fast and efficient settlement of digital asset transactions, making it an ideal choice for exchanges and payment platforms. EURI is easy to use for trading on platforms like Binance.

Cheap cross-border payments

Frustrated with high fees and slow transfers when sending money internationally? With EURI, you can make international remittances at a lower cost and much faster process than traditional methods.

Out-of-hours solutions

Want to complete a trade or move money late at night when the banks are closed? No worries! Thanks to blockchain technology, EURI transactions can take place 24/7, providing significant advantages over the traditional banking system.

Decentralized finance (DeFi)

EURI is also designed to be used in DeFi applications. Smart contracts that leverage EURI can automate financial transactions, such as lending, trading, or investment strategies, without the need for intermediaries. This opens up a wide range of potential uses as DeFi​ grows.

Why EURI is Important

Stablecoins like EURI play a vital role in the broader cryptocurrency ecosystem by providing stability in volatile markets. While cryptocurrencies like bitcoin and ether often experience large price fluctuations, stablecoins tend to offer more predictable value.

MiCA regulation adds an additional layer of trust and regulatory support. EURI has the legal backing that many other stablecoins lack, making it a reliable euro-denominated stablecoin for retail users and institutional investors alike.

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Eurite (EURI) is a promising stablecoin designed to bridge the gap between traditional fiat currencies and the blockchain world. With a euro peg, a solid regulatory framework, and a wide range of uses, EURI offers an efficient solution for digital transactions.

Further Reading

Disclaimer: As per MiCA requirements, unauthorized stablecoins are subject to certain restrictions for EEA users. For more information, please click here.

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