As cryptocurrencies grow, the popularity of stablecoins has become more and more clear. Looking to capitalise on this, Bitso, a financial services company powered by crypto in Latin America, has added Euro Coin (EUROC) to its offerings. Issued by Circle, EUROC, a euro-backed stablecoin, is now available to Bitso’s 6 million+ customers. They will be able to convert, buy, sell, deposit, save, invest or make local and international transfers in euros.
International transfers are one of the most widely adopted use cases for crypto technology, with stablecoins emerging as a useful option for anyone who wants to transfer funds between entities or countries. Listing the EUROC token was a natural continuation of Bitso’s mission to offer borderless access to money to its users.
Currently, 4.6 million Latin Americans live in Europe, and the trade balance from 2020 as of today between Europe and Latin American countries amounted to almost 200 billion euros. This is according to the Observatory of Economic Complexity (OEC). Individuals and institutions on both sides of the Atlantic can benefit from the introduction of euro-pegged stablecoins in Latin America.
The European USDC
This listing is possible due to Bitso’s partnership with Circle, a trusted global fintech institution. Since 2020 Bitso has allowed USD Coin (USDC) (issued by Circle too) trading on its platform. Seeing the impact this had in the US, Circle recognised the need for a euro-pegged stablecoin. EUROC will operate under the same transparent, full reserve model as USDC. This means it is 100 per cent backed by euros held in euro-denominated banking accounts. Therefore, it’s always redeemable 1:1 for euros.
“Adding Euro Coin brings everyday utility value for Bitso’s growing list of customers and clients. Especially those that have the desire to transact with a fully-reserved, euro-denominated digital currency,” said Joao Reginatto, vice president of product at Circle. “We are excited to see the expansion of EUROC into the Latin American market. We support Bitso’s mission of bringing borderless access to money for its users.”
Since launching on the Ethereum network at the end of June 2022, Euro Coin has a market capitalization of 26 million euros, according to CoinGecko. It opens up new possibilities for multi-currency digital finance and near-instant currency exchange, where daily volume in traditional markets can exceed $6.6billion globally.
“We add useful and innovative assets to our platform to continually expand use cases for our users that solve the needs of our region,” said Andrés Salcedo, crypto strategy leader at Bitso. “We are confident that including Euro Coin into our portfolio will help us leverage the usage of stablecoins across the region. Additionally, it will promote international transfers with transactions in euros. Finally, it will allow people and companies to prosper in a global digital economy.”
Graduating from Aarhus University with a degree in communication and media studies, Kristina has been an avid writer and follower of the finacial news and cybercrymes space since 2011. A well-traveled journalist within the industry, Aubrey has written for many well-known outlets, and can often be found poring over white papers when she isn’t writing for Financial Magazine