STASIS Celebrates 4th Year Milestone of EURS Launch
It’s been a wonderful journey. And we’re up for more!
We are fortunate to live in times of great innovations and technological advancements, and the emergence of blockchain more than a decade ago is a milestone that is often underestimated. Nowadays, the world is going through a deep pace of changes in many areas, but the financial field is being disrupted and reshaped like never before. Traditional values like gold and fiat money are regarded as obsolete and outdated by millennials and younger generations, while digital currencies are becoming of major importance.
Wednesday, June 22nd, marked the 4th anniversary of the first EURS emission. Through the years, the STASIS team has managed to achieve a lot of accomplishments and there are a few particular moments worth mentioning.
For those who have managed to miss the news since 2018, STASIS is a fintech firm that provides a bridge from Web 2.0 to We b3.0 financial services. Our company is the issuer of the largest non-USD fiat-backed stablecoin with $4B+ of transferred value. We built an app that allows customers to pay, earn and run digital asset treasuries globally and stay compliant with a traditional financial system. The institutional-grade infrastructure is based on and connected to the leading banking (BankFrick), capital markets (Exante), data compliance (Chainalysis, Elliptic), and custody (PrimeTrust, BitGo) service providers. While other major stablecoins operate on the USD market, EURS solo caters to the needs of the European Union.
During 4 years in stablecoin operations, we have signed more than 50 partnerships with various exchanges and liquidity providers in different countries: custodians, financial intermediaries, payment institutions, blockchain analytics companies, and auditors. One can check the updated list on our website. What’s more? Let’s dive deeper!
Outracing market competition
We at STASIS have set our mission from the very start: to provide a safe harbor and stable environment for digital asset market players.
EURS is the first euro-backed digital asset, combining the benefits of the world’s second most traded currency with the transparency, immutability, and efficiency of the blockchain. Mirroring the value of the euro on the blockchain is supported by liquidity assurance mechanisms provided by our ecosystem partners, and each token is backed 1:1 by euros held in our reserve accounts.
This kind of digital currency is not fractionally reserved: blockchain assets are audited on demand and the risk level is significantly lower. That’s the main difference from other derivatives that have created financial crises over the last couple of centuries, such as Tulip mania, the South Sea bubble, the Great Depression, Silver Thursday, the Mexican default, etc.
Crafting a product that can ultimately win is surely not a walk in the park: since 2017, more than 200 teams worldwide have announced stablecoin developments, but many projects failed to implement or run them in the end. Nowadays, less than 30% of the stablecoins ever released continue to exist.
The topic of Central Bank Digital Currencies or CDBSs has been of major interest as stablecoins have gained more popularity in the crypto world. More and more market participants and institutional clients became excited about the stablecoin’s benefits.
The road of achievements. Per Aspera ad Astra.
We’ve managed not only to sustain our presence on the global crypto scene, but to broaden our outreach and establish numerous partnerships worldwide while keeping a positive image in the eyes of the general public and regulators. Let’s go through several bullet points together:
- Establishing the bridge from Web 2 to Web 3
We are building a critical piece of Web 3.0 infrastructure that merges financial services with emerging self-custodial economies and allows counterparties to legitimately integrate euro-as-a-service layers, onboard clients, and transfer funds between decentralized finance and the traditional financial system.
- Raising the bar for stablecoin transparency
It was essential for us to get the top audit firm verifications to reassure our clients of our transparency. Establishing a trusted partnership with top auditing BDO in Malta was a major challenge. We’ve done it by showcasing the potential of blockchain technology & the low-risk profile of the product. We do believe that STASIS’ approach to stablecoin management and the transparency of the cash reserves is valued by customers and trading platforms and will be assessed accordingly once stablecoin regulation is introduced in the EU.
The recent crash of the hyped Algo-stablecoins pushed crypto users back to the fiat-backed stablecoin: back in April/May, we processed historically high volumes of the EURS on/off ramps transactions. Moreover, we often get the requests to execute a white label euro from some leading trading venues. These counterparties are interested in our stablecoin setup and EURS payment infrastructure that can be replicated on different protocols.
- Going Multi-Chain
Ethereum is the base layer for many cryptocurrency products. However, evident network scalability issues have turned many to developing alternative solutions. With dozens of blockchains and ecosystems thriving in 2022, we have decided to transform EURS into a multi-chain asset to enhance competitiveness and performance in decentralized finance. Now, EURS successfully competes in the DeFi corner with the biggest euro-denominated staking pools. The multi-chain infrastructure is live on Ethereum, Algorand and Polygon with several other blockchains (Ripple, XDC) in development.
- Launching the STASIS Stablecoin Wallet
The STASIS team redefined and simplified the way cryptocurrencies can be purchased and used by offering the cheapest on-ramp in digital assets by card, available through an open API. With our stablecoin wallet, we have successfully opened a convenient gateway to crypto for both institutions and mainstream users. We also implemented the “Sellback” feature for EURS purchases with less than 24 hours of transaction time! The app’s core feature is the option to transfer stablecoins without the need to pay for network commissions.
Moreover, our team built an institutional-grade quality product available for retail customers: getting a checking account in euros only takes only a few minutes with the STASIS wallet, broadening the borders for the e-commerce sector. The simplicity of using crypto-euro allows even senior citizens to engage in this market. With tens of thousands of active users, we’re sure to be on the right track.
- Raising awareness
EURS has become a popular digital asset for transitions, free of risks, and volatility inherent in conventional cryptocurrencies even beyond the EU zone. The demand for our assets had risen over time. As of today, our stablecoin has 133 million euros in fiat reserves, and the amount transferred has passed the $4B+ million value milestone. The potential of stablecoins and its use cases has been recognized in times of crisis, and the demand for EURS is growing steadily.
For now, multiple local communities have been opened and are successfully operating in various countries, as we witness massive demand from Africa and Brazil to Indonesia and Japan. Our user base has grown despite the crisis and pandemic — a perfect sign of success in times of uncertainty. Join our global network to climb the learning curve in crypto today.
- Overcoming the competition
We proudly stand as the largest non-USD stablecoin. By 2022, most of the numerous stablecoin projects have failed and gone out of the game due to lack of funds, unsustainable business models, technical drawbacks, or simply have been taken down by regulatory bodies. By keeping up to date with existing regulations carefully from day one and helping decision-makers climb the learning curve in E-money 2.0, we developed EURO stablecoin to its current position of #1 Non-USD asset. We were the first to secure reserves through government securities.
STASIS strives to maintain a reliable & transparent bridge from Web2.0 to Web3.0 financial services, and further pioneer the commercialization of stablecoin use cases: acquiring, Defi lending, remittance, and white-label corporate settlement. With no signs of relief in the traditional & crypto market, EURS successfully maintains its position as the safe harbor in crypto, the most transparent and trusted fiat-backed stablecoin. Stay tuned for more news — visit our Telegram group and subscribe to Twitter as we are about to announce another vital development milestone in the future!
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