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International money transfers are one of the most widely adopted use cases for cryptography, and stablecoins have emerged as a convenient option for those wishing to transfer funds between entities or countries. The listing of the EUROC token was a natural continuation of Bitso’s mission to provide users with cross-border access to money.
Current, 4.6 million Latin Americans live in Europe and the trade balance from 2020 between Europe and Latin American countries as of today amounts to almost 200 billion. this is, Economic Complexity Observatory (OEC). Individuals and institutions on both sides of the Atlantic can benefit from the introduction of euro-pegged stablecoins in Latin America.
This listing is possible because Bitso has partnered with Circle, a trusted global fintech agency. Since 2020, Bitso has allowed USD Coin (USDC) (also issued by Circle) to trade on its platform. Seeing the impact this had on the US, Circle realized the need for a euro-pegged stablecoin. EUROC operates under the same transparent full reserve model as USDC. This means that he is 100% backed by Euros held in a Euro-denominated bank account. Therefore, you can always convert 1:1 to Euros.
The addition of Euro Coin brings everyday utility value to Bitso’s ever-growing list of customers and clients, especially with the desire to transact in a fully reserved euro-denominated digital currency. people who are. Joanne Resinat, Circle’s Vice President of Products. We are excited to see EUROC expand into the Latin American market. We support Bitso’s mission to bring users access to money across borders.
Since its launch on the Ethereum network at the end of June 2022, Euro Coin has a market capitalization of 26 million. coin gecko. If the daily trading volume in the traditional market is $6.6hundred million.
We will add useful and innovative assets to our platform to continuously expand user use cases that solve local needs. Andres Salcedo, Crypto Strategy Leader at Bitso. We believe that the inclusion of Eurocoin in our portfolio will enable us to leverage the use of stablecoins across the region. In addition, it will facilitate international remittances by transacting in Euros. It enables us to thrive in a smart digital economy.
Francis Bignell
