EURS: First Euro-Backed Stablecoin Launched By STATIS
Malta based Financial Tokenization platform STATIS has launched the first Euro-pegged cryptocurrency.
Dubbed EURS, the stablecoin aims to address the non-transparency issues inherent in existing fiat-backed cryptocurrencies such as the Tether USDT. EURS is secured by the Ethereum blockchain, built on its streamlined EIP-20 standard and is fully compliant with existing European regulations.
Stablecoins are seen as the best way to give institutional investors access to the cryptocurrency market, by drawing on the stability of fiat currency at the same time as offering the decentralization benefits of tokenization.
According to STATIS CEO, Gregory Klumov, the Euro-pegged cryptocurrency will bridge the gap between traditional finance and the crypto economy.
“While cryptocurrency trading is currently dominated by individual and retail investors, STASIS and EURS will pave the way for institutional investors to enter the game and begin allocating capital – that’s what’s needed to take the industry to surpass the trillion dollar mark,” Klumov said.
The order volume for EURS is expected to reach $500 million by the end of the year. It is currently tradable on the London-based exchange DSX. Other crypto exchanges should follow in the near future.