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Key points

  • EURI is a stablecoin pegged to the euro and regulated under Europe's MiCA framework.

  • EURI is issued by Luxembourg-based Banking Circle SA, and its smart contracts have been audited by blockchain security firms such as PeckShield.

  • Eurite operates on Ethereum and BNB Smart Chain, ensuring fast and secure transactions.

What is EURI?

Eurite (EURI) is a stablecoin that is pegged 1:1 to the value of the euro. Stablecoins like EURI are particularly useful for users who want to enjoy the speed and ease of digital transactions without worrying about the volatility of the cryptocurrency market.

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

Key Features of Eurite (EURI)

1. Compliance with MiCA regulations

EURI is one of the first stablecoins to comply with Europe's Markets in Crypto-Assets - MiCA (Markets in Crypto-Assets Regulation), which governs digital assets across the European Economic Area (EEE). MiCA is basically a set of rules to keep everything compliant and ensure stablecoins like EURI are safe and trustworthy.

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 blockchains utilize Proof of Stake (PoS) mechanisms, enabling faster and more efficient transaction confirmations.

3. Pegged to the euro

The EURI is pegged to the euro at a 1:1 ratio, meaning it tracks the value of the euro as closely as possible. This is done by backing each EURI issued with an equivalent amount of euros held in a secure fiat reserve account. This peg helps reduce the volatility often seen in other cryptocurrencies, providing a stable digital asset for users.

4. Security and auditing

To ensure security and transparency, EURI smart contracts have been audited by blockchain security firms such as PeckShield. Banking Circle ensures that EURI token reserve funds are regularly audited to ensure that each EURI is properly collateralized.

How does Rain work?

For regular users, it is possible to buy, sell or trade EURI on cryptocurrency exchanges like Binance, where you will find trading pairs like EUR/EURI or EURI/USDT.

If you represent a company or large organization, acquiring EURI is relatively straightforward. All you need to do is create a Banking Circle account and deposit euros into it, in return, an equivalent number of EURI tokens will be issued (created) and added to your dedicated wallet.

You can use EURI tokens for trading, payments or other purposes. When you no longer need the tokens, you can redeem them for euros via your Banking Circle account. Your EURI tokens will be “burned” and sent back the equivalent amount in euros to you.

Use cases 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.

Low-cost international payments

Tired of high fees and slow transfers when sending money internationally? With EURI, you can send money internationally at a fraction of the cost and much faster than traditional methods.

Settlement outside office hours

Want to settle a trade or move money late at night when banks are closed? No problem! Through blockchain technology, EURI transactions can happen 24 hours a day, providing a significant advantage over traditional banking systems.

Decentralized Finance (DeFi)

EURI is also designed to work in DeFi applications. Smart contracts that use 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 use cases as DeFi continues to grow.

Why is EURI important?

Stablecoins like EURI play a key role in the crypto ecosystem, providing stability in a volatile market. While cryptocurrencies like Bitcoin and Ether experience wild price fluctuations, stablecoins tend to offer more predictable value.

MiCA regulation adds an extra layer of trust and regulatory backing. EURI has legal backing that many other stablecoins do not, making it a reliable euro-denominated stablecoin for retail users and institutional investors.

Final considerations

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

Further reading

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

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