USD Coin (USDC) creator Circle announced on Thursday it will release the Euro Coin (EUROC), a redeemable stablecoin pegged to the euro, on June 30.
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Ethereum-based EUROC will join Circle’s USDC, which is the world’s second-largest stablecoin with over US$54 billion in circulation, according to CoinGecko data.
Stablecoins have come under fire since May after Terra’s LUNA and sister stablecoin UST wiped out an estimated US$40 billion within 48 hours.
USDC is not an algorithmic stablecoin as UST, and Circle claims its stablecoins are backed by cash reserves and other forms of debt securities and bonds.
EUROC’s full cash reserves will be held in euro (EUR) and follow the same regulated framework and reporting standards of USDC, according to Circle Chief Executive Officer Jeremy Allaire.
Circle has been releasing monthly attestation reports drafted by a third-party accounting firm.
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