EURI: A stablecoin pegged to the euro and backed by a bank
With the rapid growth of the cryptocurrency market, stablecoins have become an important focus for digital investments and transactions. One of the latest additions to this space is EURI, which was launched in August 2024 by the Luxembourg-based Banking Circle. This stablecoin is unique in that it is pegged to the euro and complies with the new regulations governing digital assets in the European Union, making it one of the safest and most stable options on the market.
What is EURI?
EURI is a stablecoin fully backed by the euro, and is part of the new generation of cryptocurrencies that adhere to the MiCA (Regulation on Markets in Crypto Assets) regulations. These newly launched regulations in the European Union aim to regulate digital assets and protect the rights of users and investors. EURI is traded on the Ethereum and BNB Smart Chain blockchains, giving users fast and secure access to their digital funds around the clock【29†source】.
EURI Supporting Body
The currency is stablecoin and backed by Banking Circle, a European payments bank that uses advanced technologies to ensure the security of financial transactions. As the first MiCA-compliant stablecoin, EURI is part of an effort to make digital assets more transparent and secure. The physical euros that back EURI are held in legally protected banking structures, meaning investors can redeem their cryptocurrencies at any time for the equivalent value in euros【29†source】【30†source】.
Security and Regulatory Compliance
One of the key points that makes EURI reliable is its full compliance with the European MiCA regulations. MiCA has set strict rules to ensure that asset-backed cryptocurrencies are actually backed by money, and their operations are constantly monitored to ensure security and transparency. Moreover, the minting and burning operations are secured by Fireblocks technology, which uses the latest security technologies to ensure the safety of digital money【29†source】.
Competition in the stablecoin market
The stablecoin market has long been dominated by the US dollar, but with the entry of EURI, the euro is starting to take a bigger role in this market. Currently, euro-pegged stablecoins represent a relatively small part of the global market, but with this market expected to grow to over €70 billion by 2026, EURI could be a major part of this growth【30†source】.
Key Benefits of EURI
1. Stability: Its value is directly pegged to the Euro which reduces the volatility experienced by other cryptocurrencies.
2. Transparency: Supporting funds are kept in protected and transparent banking structures, with the possibility of redeeming them at the equivalent value.
3. Security: Thanks to the use of modern security technologies and strict regulations, EURI ensures that it is protected from manipulation or major losses.
Conclusion
EURI is an excellent choice for those looking for stability and security in the cryptocurrency market. With its backing from Banking Circle and compliance with European MiCA regulations, investors can count on a reliable and secure stablecoin.
