Stablecoins are an interesting addition to the world of digital currencies. These coins usually have their values pegged to tangible assets, such as natural reserves or fiat currencies. STASIS is now in the process of creating EURS, which is a stablecoin pegged to the euro. It’s an interesting idea, assuming there is a market for it in the first place.
EURS Will be Introduced in June
For those unfamiliar with STASIS, it is a fully compliant blockchain platform capable of tokenizing any existing asset. The firm specializes in free monetary flow between off-chain and on-chain digital assets. As one would expect, the firm is based in Malta, which is quickly becoming a major hub for cryptocurrency, blockchain tech, and digital asset activity alike.
Next month, a brand-new stablecoin will be created on STASIS. Known as EURS, it is a stablecoin backed by the euro fiat currency. It is also the first stablecoin to use Ethereum’s EIP-20 standard. All reserve balances of EURS will be verified and posted daily by KPMG, a well-known player in the financial sector. In doing so, the project will mainly focus on transparency and accountability, unlike a few other stablecoins on the market today.
By using the STASIS platform, investors can exchange EURS for other services and assets. That list includes registered securities such as stocks, bonds, and treasury bills. It also appears the EURS token will be making an impact on the cryptocurrency industry, although it remains unclear if and when that will happen. More stablecoins in the cryptocurrency industry can be a good thing, as the competition has been heating up a bit in these past few months.
It is expected that stablecoins will grow to become a multi-billion dollar industry in the near future. As such, the expectations for EURS are quite high, as it is expected to reach an order volume of $500 million before year’s end. That seems like a steep challenge, but the new currency will trade on both STASIS and London-based exchange DSX come June.
STASIS CEO Gregory Klumov commented on EURS as follows:
EURS bridges the gap between traditional finance and the cryptoeconomy. 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 [above] the trillion dollar mark.
Whether or not there will be any interest in EURS has yet to be determined. Most stablecoins in the cryptocurrency world focus on the US dollar rather than foreign currencies. It is evident the euro isn’t the most stable currency on the market today, yet it seems Europe is warming up to digital assets like never before. Having a euro-pegged stablecoin may be just what the industry needs at this stage.