The EU has its first euro-pegged stablecoin.

The European Union has its first euro-pegged stablecoin that meets the requirements of MiCA.

This was reported by the press service of Banking Circle.

The European payment bank Banking Circle, headquartered in Luxembourg, has issued the first regulated stablecoin EURI pegged to the euro, which meets the MiCA cryptoasset requirements.

EURI is the first electronic money token launched by Banking Circle and the first MiCA-regulated stablecoin issued and backed by a bank in the EU.

It is reported that the stablecoin will be sold on the largest cryptocurrency exchange Binance starting August 28. Subsequently, EURI will also appear on other exchanges.

Banking Circle assures that all fiat money from EURI holders, received in exchange for the stablecoin, will be stored in the form of cash or its equivalents in a remote bank structure in case of bankruptcy.

EURI will be subject to transaction monitoring and risk assessment to detect fraud and overall risk reduction.

In addition, the token will be audited by a top-level auditing firm to ensure parity between EURI in circulation and client cash. Holders can exchange EURI for euros at face value at any time. EURI can also be used for settlement with other cryptocurrencies.

Source: Economic Truth