Monerium, an authorized and regulated Electronic Money Institution (EMI), has launched a Euro stablecoin called EURe on the Gnosis Chain.
The announcement was made by Gnosis Chain officials, who revealed that the stablecoin is 102 percent overcollateralized and backed by actual holdings of euros in bank deposits or eligible high-quality, highly liquid securities.
Through the Safe digital asset management platform, transactions involving EURe can be signed and sent to any bank account in Euros via the Single Euro Payments Area (SEPA). Monerium is authorized to issue electronic money to residents of the European Economic Area, the United Kingdom and Switzerland.
Gnosis Chain is a decentralized platform for building open financial infrastructure, focused on enabling developers to create applications that can be integrated with blockchain technology.
The EURe stablecoin aims to provide a stable, secure and transparent way to exchange Euros on the Gnosis Chain network.
The launch of EURe is expected to facilitate faster and more efficient cross-border transactions and provide new investment opportunities for users seeking exposure to the euro. Gnosis Chain officially believes that EURe is an important milestone in the development of open financial infrastructure, and looks forward to more stable coins joining its platform in the future.
As the digital asset market continues to grow, more and more stablecoins are being introduced into the market, backed by different currencies, commodities and assets. Stablecoins are growing in popularity due to their low volatility compared to other cryptocurrencies and their ability to provide users with a stable store of value.
With the launch of EURe, Monerium and Gnosis Chain take a step forward in the adoption of stablecoins, providing a regulated and secure way to exchange euros on the blockchain.