“First EU-regulated euro stablecoin” hits the crypto market

According to a company-owned blog post from yesterday, February, Finnish cryptocurrency company Membrane Finance has launched a fully euro-collateralized stablecoin. 2. The company claims that their new "EUROe" is the "first and only EU regulated stablecoin" and has received an official license from the Finnish Financial Markets Authority Fin-FSA.

The well-known American cryptocurrency company Circle introduced its own euro stablecoin in June, but the so-called "Euro Coin" (EUROC) was actually held by Silvergate Bank and thus subject to US regulation.

There is "at least one euro [" covering each currency unit of the EUROe. ] held here by Membrane Finance and deposited with a European financial institution or bank.". The business also thinks that the new stablecoin will make "near-instant payments" possible at a low cost, giving it a distinct advantage over the expensive and slow payments found in the conventional financial system.

Membrane Finance's CEO, Juha Viitala, is optimistic that the EUROe will encourage more Europeans to consider investing in decentralized finance (DeFi).

"Stablecoins are a critical component of the transition to a blockchain-based financial infrastructure, which is why Europeans have a right to an EU-issued, fully backed euro stablecoin that is governed by an EU-based financial regulator. The EUROe can hopefully open up DeFi to more private investors who might not have otherwise approached them due to the high volatility of cryptocurrencies or who might not have had the opportunity to do so. ".

The Ethereum network will host the EUROe's initial launch, with additional blockchains to follow.

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