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Key Points

  • EURI is a stablecoin backed by the Euro and regulated under the European 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 runs on Ethereum and BNB Smart Chain, ensuring fast and secure transactions.

What is EURI?

Eurite (EURI) is a stablecoin backed by the Euro. Its value is pegged to the Euro at a 1:1 ratio. Stablecoins like EURI are particularly useful for users who want to enjoy fast and convenient digital transactions but do not want to worry about the market volatility of cryptocurrency assets.

EURI is issued by the Luxembourg financial institution Banking Circle SA and is pegged to the euro at a 1:1 ratio. This means that every EURI in circulation is backed by an equivalent reserve of euros. This stablecoin is designed 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 the European MiCA (Markets in Crypto-Assets) regulatory framework, which governs digital assets across the European Economic Area (EEA). Essentially, these rules are designed to ensure the legality of all activities in the market and to ensure the safety and reliability of stablecoins like EURI.

2. Blockchain Support

Eurite can operate as an ERC-20 token on the Ethereum blockchain or as a BEP-20 token on the BNB Smart Chain (BSC). These widely used blockchains allow EURI to be easily traded, stored, and transferred. Both Ethereum and BNB Smart Chain use a Proof of Stake (PoS) mechanism to enhance the speed and efficiency of transaction confirmations.

3. Pegged to the Euro

EURI is pegged to the euro at a 1:1 ratio, aiming to stay as close to the euro's value as possible. To achieve this, every issued EURI is backed by an equivalent amount of euros stored in a secure trust reserve account. As a result, the volatility of EURI will be significantly lower than that of other cryptocurrencies, providing users with a stable digital asset.

4. Security and Auditing

To ensure security and transparency, EURI's smart contracts have been audited by blockchain security companies such as PeckShield. Banking Circle ensures that the funds supporting EURI tokens are audited regularly to ensure that the collateral for each EURI is accurately in place.

How Does Eurite (EURI) Work?

For regular users, you can buy or trade EURI on cryptocurrency trading platforms like Binance, which offer trading pairs such as EUR/EURI or EURI/USDT.

For businesses or institutional participants, acquiring EURI is relatively simple. You just need to create a Banking Circle account and deposit euros into it, in return, they will mint (create) an equivalent amount of EURI tokens and send them to your dedicated wallet.

EURI tokens can be used for trading, payment, or other purposes. If the token is no longer needed, it can be exchanged for euros through a Banking Circle account. They will “destroy” your EURI tokens and return the equivalent amount in euros.

Use Cases and Advantages

Digital Asset Trading

EURI helps enhance the speed and efficiency of digital asset trading settlements, making it an ideal choice for trading and payment platforms. With EURI, users can easily trade on platforms like Binance.

Reduce Cross-Border Payment Costs

Are you tired of the high fees and slow transfer speeds of international remittances? With EURI, you can make international remittances at a very low cost, and the speed is much faster than traditional methods.

Settlement Outside of Working Hours

Want to settle transactions or transfers late at night when banks are closed? No problem! With blockchain technology, EURI transactions can be conducted around the clock, offering significant advantages over traditional banking systems.

Decentralized Finance (DeFi)

EURI can also be used in DeFi applications. Smart contracts using EURI can automate financial transactions, such as loans, trades, or investment strategies, without the need for intermediaries. As DeFi continues to evolve, this feature opens up a wide range of potential use cases.

Why EURI is Important

Stablecoins like EURI provide stability in turbulent markets, thus playing a key role in the overall cryptocurrency ecosystem. The prices of cryptocurrencies like Bitcoin and Ethereum often fluctuate significantly, whereas the value of stablecoins is generally easier to predict.

Moreover, the MiCA regulations enhance its credibility and provide additional regulatory support. EURI has legal protections that other stablecoins lack, making it a more reliable euro-pegged stablecoin for retail and institutional investors.

Conclusion

Eurite (EURI) is a highly promising stablecoin designed to connect traditional fiat currencies with the blockchain world. With its peg to the euro, comprehensive regulatory framework, and wide range of use cases, EURI provides an effective solution for digital transactions.

Further Reading

Disclaimer: According to the Markets in Crypto-Assets (MiCA) regulations, unauthorized stablecoins are subject to certain restrictions in the European Economic Area (EEA). For more details, please click here.

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