What Value does Euro Coin (EUROC) offer?

Euro Coin (EUROC) is a full reserve Euro stablecoin issued by Circle. Circle is the organization behind the popular USD Coin (USDC) stablecoin.

Circle claims the Euro Coin is 100% backed by euros held in reserve accounts. Therefore, Circle claims the Euro Coin is always redeemable one-to-one for Euros.

Euro Coin is available through the Circle Account and supported by the BitMart, Bitpanda, CEX.io, FTX., and HitBTC exchanges. The Curve, DFX, and Uniswap Protocol apps also support Euro Coin. The Anchorage Digital, CBYBAVO, Fireblocks, and Hex Trust custodians use Euro Coin. You can use Euro Coin for BitPay. The Ledger, MetaMask, and MetaMask International wallets support Euro Coin.

Businesses can use a free Circle Account to mint and redeem Euro Coin at no additional cost. Circle claims its existing blockchain partners can easily adopt and use Euro Coin.

What are Euro Coins (EUROC)?

Users can buy Euro Coins by linking a Circle Account directly to a bank account. You can deposit Euros by wire transfer or Euro SEN to a Circle Account and receive Euro Coin. They can send Euro Coin on a chain to an exchange or allocated to dApps (decentralized apps).

They claim the Silvergate Exchange Network (SEN) or Euro SEN allows digital currency users and institutional investors to send dollars and euros, 24-hours a day, seven-days a week, and 365 days a year. Anybody with a banking relationship with Silvergate can participate in the SEN.

One of America’s largest accounting firms, Grant Thornton LLP, audits and confirms the Euro Coin Reserves each month. Grant Thornton estimates there were 76,489,291 EUROC in circulation on 31 August 2022 at 11:59 PM Pacific Time. Grant Thornton estimated the fair value of assets in Euro Coin’s reserves at €76,489,291 ($75,419,588.27) on 31 August 2022.

A Euro Coin is an Ethereum token that contains a smart contract that makes payment in euros when you spend it. Circle holds the euros in reserve accounts at the Silvergate Bank and other financial institutions and releases them when people Euro Coins. Hence, Euro Coin is a mechanism for Euro payment.

They claim Euro Coin will work with any ERC-20 (Ethereum request for comment) wallet. Circle hopes to release Euro Coin on other blockchains, such as Binance (BNB) chain, later in 2022.

Circle

Circle is a global financial technology company developing stablecoins and other money transfer solutions for commercial and personal use. Circle solutions include stablecoins, exchanges, wallets, NFT platforms, and products for Crypto Gaming.

Circle built and issues the popular USD Coin (USDC) stablecoin.

What Value can Euro Coin (EUROC) achieve?

Theoretically, the Euro Coin (EUROC) could achieve enormous value because the Eurozone (countries that use the Euro) is one of the world’s largest economies.

The Eurozone had a population of 343.1 million in 2022. Furthermore, the Eurozone had a gross domestic product (GDP) of $14.49 trillion in 2021, the World Bank estimates. The largest Eurozone country is the Federal Republic of Germany with a GDP of $4.223 trillion in 2021. Germany is the world’s largest economy.

Other large Eurozone countries include France with a 2021 GDP of $2.937 and Italy with a $2.1 trillion GDP in 2021. Spain had a GDP of $1.425 trillion in 2021, and the Netherlands had a GDP of $1.018 trillion in 2021. Therefore, they use the Euro in five countries with GDPs of over $1 trillion.

France was the world’s seventh largest economy and Italy was the world’s eighth largest economy in 2021, World Data estimates. Hence, the Eurozone contains three of the world’s 10 largest economies.

Therefore, the Euro Coin could offer access to some of the world’s economies.

What Value Does the Euro Coin Offer?

Mr. Market thinks the Euro Coin (EUROC) offers some value. For instance, the EUROC was CoinMarketCap’s 276th largest cryptocurrency, with a $1.00 Coin Price on 19 October 2022.

Moreover, CoinMarketCap gave the Euro Coin a $76.347 million Market Capitalization, a $74.457 million Fully Diluted Market Cap, and a $1.029 million Market Volume on 19 October 2022. They base those numbers on a Circulating Suppy of 76.085 million EUROC. CoinMarketCap gave the Euro Coin a$100.870 million CEX (central exchange) Volume and a $928,183.19 DEX (decentralized exchange) Volume on 19 October 2022.

Similarly, CoinGecko gave Euro Coin a 97.98₵ Coin Price, a $74.521 million Market Cap, a $74.517 million Fully Diluted Valuation, and a 24-Hour Trading Volume of $4.312 million on 19 October 2021. They base those numbers on a 76.087 million EUROC Circulating and a 76.085 million Total Supply. Euro Coin was CoinGecko’s 307th ranked cryptocurrency on 19 October 2022.

In conclusion, I think the Euro Coin (EUROC) is an interesting stablecoin that could obtain some value. If you are seeking a non-dollar stablecoin and you can live with the economic chaos, the Ukraine War generates, I think EUROC is worth investigating.