Banking Circle has launched a new MiCA-compliant stablecoin into the European market.
Introduced in June, the MiCA regulation aims to foster the use of innovative technologies by setting a regulatory framework that covers crypto-assets, crypto-assets issuers and crypto-asset service providers to protect the rights of holders in the EU.
Banking Circle's Euro-pegged stablecoin will utilise blockchain technology to enable 24/7 access to digital money with out-of-hours settlement .
Available on the Ethereum and BNB Smart Chain blockchains, Eurite will first be accessible via Binance followed by AG with more exchanges to follow. The burning and minting of EURI is enabled by the Fireblocks Tokenization Engine and secured by its Multi-Party Computation (MPC-CMP) technology.
Daniel Lee, head of Web 3, Banking Circle comments: “By combining cutting-edge technology for the digital asset industry and ensuring compliance with the latest European regulations, Banking Circle can provide stablecoin users with the robust banking service and infrastructure they deserve and make stablecoins accessible to a wider audience wanting 24/7 access to instant payments.
The new token adds to growing competition in the EU stablecoin market, which has historically lagged behind dollar stablecoins. Banking Circle's initiative follows the revival of EURT by Next Generation, and the arrival in Europe of Australian stablecoin payment startup Stables. Banking giant Deutsche Bank is also getting in on the action with the creation of AllUnity, a collaborative effort between DWS, Flow Traders, and Galaxy Digital
The total global stablecoin market capitalization is currently over $160B, of which as little as $280M is euro-pegged stablecoins. The latter is expected to grow to $15B in 2025, to $70B in 2026, and exceed $2.5T in 2029, according to figures compiled by Next Generation.