Euro Coin is a stablecoin issued by Circle under the same reserve model as USD Coin ($USDC). It is designed to be stable and 100% backed by euros held in euro denominated banking accounts. An Euro Coin ($EUROC) will be redeemable 1:1 for the euro currency.
Businesses can mint Euro Coin by depositing euros into a Circle Account via wire transfer or Euro SEN. To redeem Euro Coin, businesses can deposit Euro Coin into a Circle Account and withdraw euros via wire transfer or Euro SEN.
Euro Coin will also be accessible through our exchange partners as liquidity builds in the ecosystem. Exchanges will enable users and businesses to convert euros to Euro Coin, trade for Euro Coin, and withdraw Euro Coin to Ethereum-compatible wallets to participate in the crypto ecosystem.
Euro Coin is 100% backed by euros held in euro-denominated banking accounts so that it’s always redeemable 1:1 for euros. Businesses can use a free Circle Account to mint and redeem Euro Coin at no additional cost. Circle aims to bring Euro Coin to many of the world’s leading blockchains for broad ecosystem support and interoperability. Existing blockchain ecosystem partners who have built and integrated with Circle and USDC should find it easy to adopt and use Euro Coin.
Yes. As an Ethereum ERC-20 standard token, Euro Coin works broadly with ERC-20 compatible wallets, protocols and other blockchain services.
Circle is the sole issuer of Euro Coin.
Circle holds euros in euro-denominated banking accounts at leading financial institutions, beginning with Silvergate Bank in the U.S.
Yes, Grant Thornton LLP issues monthly attestations of the Euro Coin reserve and Circle publishes the attestation reports on this webpage. Each month’s report comes at the end of the following month (e.g. June’s report is published at the end-of-July). Circle’s financial statements, which will include the Euro Coin reserve, are audited annually and filed with the SEC.
Circle assumes the interest rate risk on Euro Coin reserves, just as we do with USDC.