The listing of EURI comes at a time when the stablecoin market has recorded massive growth.
Weeks after implementing new Markets in Crypto-Assets Regulation (MiCA) stablecoin rules on its platform, Binance has now announced the listing of MiCA-regulated Euro-backed stablecoin Eurite (EURI).
As per the release, trading for the new spot pairs EUR/EURI and EURI/USDT will start on August 28. Binance has already opened the deposit service for EURI for users, with withdrawals expected to be available starting August 29.
Notably, the exchange also introduced a zero-fee trading promotion for Eurite stablecoin’s trading pairs. The move marks the celebration of the EURI listing and is expected to boost user engagement and improve liquidity. Throughout this promotion, the exchange will allow users to trade EURI spot and margin trading pairs without incurring any maker or taker fees.
Eurite (EURI) is a Euro stablecoin regulated under the European Economic Area’s (EEA) MiCA framework. The stablecoin’s issuer, Banking Circle S.A., is authorized as a credit institution under the supervision of the public institution Luxembourg Commission de Surveillance du Secteur Financier (CSSF).
EURI is pegged to the Euro on a 1:1 basis, ensuring that each token is backed by one Euro. This peg is maintained through the receipt of funds from EURI holders, and the stablecoin is issued at par value. EURI will be available as an ERC-20 token on the Ethereum blockchain and as a BEP-20 token on the BNB Smart Chain.
In recent times, Binance has intensified its efforts to strengthen compliance measures globally. Last week, it reportedly announced plans to expand its workforce, with over 200 new hirings in its compliance team. In December last year, the exchange’s new CEO Richard Teng stated that Binance would continue to work closely with regulators and focus on innovations and seamless adoption of cryptocurrencies.
In June this year, Binance revealed that it implemented new MiCA stablecoin rules across the European Economic Area (EEA).
Stablecoin Market Cap Attains a New Peak
The listing of EURI comes at a time when the stablecoin market has recorded massive growth. Data from DefiLlama reveals that the total stablecoin market capitalization has reached an all-time high of $168 billion after 11 months of consecutive growth. This surpasses the previous peak of $167 billion set in March 2022.
Crypto analyst Patrick Scott, also known as “Dynamo DeFi”, spotted this milestone in a recent post on X. He believes that this surge indicates that “new money is entering crypto” as it continues to mature.
However, despite this growth, stablecoin trading volumes have seen a major fall in their trading volumes. According to a report by CCData, MiCA regulations are a factor behind this decline, raising concerns about the future of the top stablecoins like Tether USD (USDT) in Europe.
