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Key Takeaways

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

• EURI is issued by Luxembourg-based company 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, secure transactions.

What Is EURI?

Eurite (EURI) is a stablecoin that’s backed by the euro. The value of EURI is pegged to the value of the euro at a 1:1 ratio. Stablecoins like EURI are particularly useful for users who want to enjoy the speed and ease of digital transactions without worrying about the market volatility of crypto assets.

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, meaning that for every EURI in circulation, there is an equivalent amount of euro held in reserve. This stablecoin aims to facilitate secure, fast, and low-cost transactions.

Key Features of Eurite (EURI)

1. MiCA regulation compliance

EURI is one of the first stablecoins to comply with Europe’s MiCA (Markets in Crypto-Assets) regulation, which governs digital assets across the European Economic Area (EEA). This is basically a set of rules to keep everything above board and ensure that stablecoins like EURI are safe and trustworthy.

2. Blockchain support

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

3. Pegged to the euro

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

4. Security and auditing

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

How Does Eurite (EURI) Work?

For everyday users, you can buy, sell, or trade EURI on crypto exchanges like Binance, where you’ll find trading pairs like EUR/EURI or EURI/USDT.

If you’re a business or institutional player, getting your hands on EURI is relatively simple. All you have to do is create and deposit euros into a Banking Circle’s account, and in return, they’ll mint (create) an equivalent number of EURI tokens and add 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 EUR through your Banking Circle account. They will “burn” the EURI tokens and send the equivalent amount of euros back to you.

Use Cases and Benefits

Digital asset transactions

EURI facilitates the fast and efficient settlement of digital asset transactions, making it an ideal choice for exchanges and payment platforms. It’s easy to use EURI to trade on platforms like Binance.

Cheap cross-border payments

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

Out-of-hours settlement

Want to settle a trade or move money late at night when the banks are closed? No problem! Thanks to blockchain technology, EURI transactions can happen 24/7, providing a significant advantage over traditional banking systems.

Decentralized finance (DeFi)

EURI is also designed to work in DeFi applications. Smart contracts utilizing EURI can automate financial transactions, such as loans, trades, or investment strategies, without the need for intermediaries. This opens up a wide range of potential use cases as DeFi continues to grow​.

Why EURI Matters

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

The MiCA regulation adds an additional layer of trust and regulatory backing. EURI’s got the legal backing that many other stablecoins don’t have, which makes it a reliable euro-denominated stablecoin for both retail users and institutional investors​.

Closing Thoughts

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

Further Reading

• What Is a Stablecoin?

• Why Do Stablecoins Depeg?

• What Is the Stablecoin Trilemma?

• What Is MiCA (Markets in Crypto Assets Regulation)?

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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