Finoa to provide institutional custody support for Circle’s EUROC
We are pleased to announce that Euro Coin (EUROC) is the latest addition to the growing list of supported assets on our platform. Through this integration, we are enabling custody support for Euro Coin for institutional investors, who can now make use of our secure, regulated platform and user-friendly interface to manage their assets.
“We’re happy to see custodial support for Euro Coin expand to a leading digital asset custodian in Finoa. This is an exciting moment as more institutional investors in the EU and around the globe can experience the benefits of holding and transacting with a fully-reserved, euro-backed stablecoin,” said Joao Reginatto, VP of Product at Circle.
Euro Coin was launched in June 2022 and is Circle’s second digital currency after USD Coin (USDC). Issued under the same full-reserve model as USDC, Euro Coin is 100% backed by euros held in euro-dominated banking accounts. It is available to everyone with internet access, providing an inclusive and scalable way to transfer euros quickly around the world.
Euro Coin is available on the Ethereum blockchain and is supported by a growing number of ERC-20-compatible exchange DApps. Holders can use Euro Coin to make global payments and remittances that settle in minutes or take advantage of borrowing, lending, and trading opportunities in crypto capital markets. Developers can add Euro Coin support to their DApps just as easily as they do today with USDC.
“It’s been a pleasure working with the Circle team again on integrating Euro Coin on the Finoa platform and enabling institutional investors to safely manage and benefit from these assets. We believe that a euro-denominated stablecoin is key to unlocking further growth of the crypto ecosystem. Built on a technology that most are familiar with, EUROC facilitates seamless transactions and reduces unnecessary FX exposure for European institutions” — Marius Smith, Head of Strategy at Finoa.
What makes Euro Coin unique?
Circle designed Euro Coin to further enable new use cases for multi-currency digital finance and near-instant foreign exchange.
As a fully-reserved digital currency, Euro Coin is always redeemable 1:1 for euros. To promote easy and efficient access to Euro Coin, Circle allows eligible businesses and institutions to mint and redeem Euro Coin at no additional cost from a free Circle Account.
Grant Thornton LLP, one of America’s largest advisory firms, attests to the Euro Coin reserve every month. These transparent third-party attestation reports are available on Circle’s website. Circle’s strong regulatory foundation provides additional assurance to Euro Coin holders and developers.
What’s next for Euro Coin?
Earlier this month, Circle announced its plans of expanding the euro-backed stablecoin to the Solana blockchain in the first half of 2023.
The availability of Euro Coin on Solana will provide users and institutional investors with additional opportunities and a new ecosystem to engage with. This announcement marks Circle’s first in a series of upcoming commitments toward bringing Euro Coin to multiple blockchains.
Euro Coin is built with a strong emphasis on trust, transparency, and security. It boasts round-the-clock availability, fast transactions, and unlocks new opportunities for value exchange worldwide. Thanks to this synergy between Circle and Finoa, institutional investors can custody Euro Coin in a secure and compliant way and gain exposure to the Ethereum ecosystem.
Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce, and financial applications worldwide. Circle is powering always-on internet-native commerce and payments and is the issuer of USD Coin (USDC) and Euro Coin (EUROC).
Today, Circle’s transactional services, business accounts, and platform APIs are giving rise to a new generation of financial services and commercial applications that hold the promise of raising global economic prosperity for all through the frictionless exchange of value.