Vote for EURS in Binance EUR Stablecoins VIP Survey!
Why the most transparent euro-backed stablecoin deserves your attention
”Wen Binance?” is one of the most popular questions in our communities. Have you been waiting for this moment? The time has come. Now, it depends on you!
STASIS Euro (EURS) is a most transparent fiat-backed stablecoin with a market cap that has grown impressively to over $120M. As of this moment, there is no larger or more transparent euro-backed stablecoin than EURS.
The STASIS team has been working hard to extend our network and list EURS on the most popular exchanges. Right now, we only need several minutes of your precious time — take part in the latest survey on Binance to vote for EURS listing!
For this reason, and the clear necessity for transparent digital assets to be available on a major CEX, vote for EURS in the Binance EUR Stablecoins VIP Survey!
▶Link to survey: https://www.binance.com/en/survey/24f5eda8c9534544900722ce68f8adf0
In this article, we will go through the majority of characteristics, use cases, and benefits of EURS as a EUR stablecoin covered in the Binance EUR Stablecoins Survey and make it clear why EURS deserves your vote.
Below are the copied survey questions:
1. Does your trading strategy currently include EUR stablecoins?
2. Do you prefer to hold EUR, or EUR stablecoins backed 100% by cash or cash equivalent reserve?
3. Do you expect to increase your holdings of EUR stablecoins in the near term?
4. If yes, which EUR stablecoin do you plan to hold?
5. Which of these is the most important factor to you when choosing which stablecoin to use? (Issuer, Liquidity, Regulatory Framework, All of the above)
6. What do you think of the upcoming MiCA regulatory framework for EUR stablecoins in the market in the EU?
7. What is the scenario you hope EUR stablecoins could support?
Now, let’s start climbing the learning curve and go through the use cases and benefits of holding EURS, a EUR stablecoin fully backed 1:1 by STASIS euro reserve accounts.
Why EURS?
Sometimes, the best way to tell your story is to see the picture. Well, here it is! Below, you’ll find more supporting statements and details. Enjoy.
In short, the EURS adopts attributes of the second most traded currency, the euro, while replacing the inefficiency and fees related to traditional financial systems with the efficiency, scalability, and simplicity of blockchain transactions. It is currently available on your favorite chains such as Ethereum, Algorand, Polygon, XRP and XDC with more in development.
There is a clear demand for a digital euro on the blockchain as the second largest currency with a key role in transnational loans, debt, and foreign exchange reserves. This is fueled by advantages such as ease of fast payments, of use in dApps, and of local storage compared to traditional bank account euros, not to mention better programmability.
International use cases
• EURS gives exchanges and traders the possibility to lessen crypto exposure without bearing fiat currency on-ram/off-ramp fees and without having to fully cash out;
• Reduces costs of cross-border/remittance payments from the EU by eliminating intermediary processing fees and additionally lowering them through the intrinsic price stability of stablecoins;
• Limits exchange rate risk by allowing blockchain users to diversify their FX exposures and dampen their portfolios’ FX volatility;
• Facilitating dApps (decentralized applications): helps sustain the development of dApps as a more stable payment method.
National and individual use cases
• Digital safe haven during periods of volatility in crypto markets and protection against counterparty risks as a euro-pegged stablecoin with 1:1 ratio, liquid collateral in the form of cash and A+ rated bonds;
• Reduces reliance on legacy financial systems: provides access to reliable, relatively stable financial assets on the blockchain without the limitations of banking hours;
• Facilitates business operations in balance sheet currency for Eurozone businesses: close to immediate settlement when receiving online payments and easier payment to remote employees delivered promptly without traditional banking transaction fees;
• High yield opportunity for investors: stablecoin strategies can offer double-digit returns compared to savings accounts offered by traditional banks which are meager in comparison.
Comparison to peers: EURS vs EUROC vs EURT
Region of procurement and EUR stablecoin operations: Unlike its biggest competitors such as EUROC and EURT, EURS is issued by an EU-based issuer (STASIS) and not a US-based entity. It is also the only euro stablecoin with an ECB (European Central Bank) account. The major differences were outlines in an extensive STASIS’ research earlier this year.
Regulatory Framework: Considering EU regulation, balancing investor interests with regulator awareness of EURS, and launching in accordance with the MiCA regulatory framework is key for the possibility of a euro stablecoin to be traded in the EU and for widespread public adoption by EU users, banks and custodians. This is evidently more difficult to achieve when not licensing according to MiCA from the start.
To paint a clearer picture: so far, the total value transferred using EURS has been ~$6 billion and it is able to serve individuals and businesses in 175 countries around the globe. On the other hand, when the Markets in Crypto Assets (MiCA) Regulation comes into effect, as it stands, Circle’s EUROC will not be available for usage in the EU and Circle would only be able to offer its euro stablecoin to non-EU users, for example.
Liquidity and reliability: Furthermore, the STASIS ecosystem of prominent partners consisting of exchanges, liquidity providers, custodians, and others, ensure the reliability and ease of use of the EURS in various use cases. 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. Thanks to this, it is also the only euro stablecoin currently able to offer SEPA instant transfers and VISA/Mastercard payouts. As opposed to its competitors, STASIS also offers both institutional and individual accounts for its customers, resulting in a larger total addressable market.
Transparency: To ensure investors’ confidence about on-chain asset balances and reserve levels, STASIS provides daily account statements and is audited on a quarterly basis by the Malta branch of BDO, the top-5 largest accounting firm in the world. In addition to this, BDO Malta also carries out verifications of STASIS reserve balances and accounts on a monthly basis. This contrasts with peers like Tether, often criticized for not being audited frequently enough as well as questioned for full, liquid-backing of its stablecoins’ reserves.
It is also important to note that other competitors offering EUR stablecoin products do not have the reserves to satisfy Binance reserve requirements to be considered for listing.
What is the MiCA (Markets in Crypto Assets) regulatory framework and what does it mean for EUR stablecoins?
The EU Commission published the MiCA proposal in September 2020 and the regulation was approved by the European Council in October 2022. The regulation aims to holistically regulate aspects of the cryptocurrency markets such as consumer protection, accountability of crypto companies, and money laundering. MiCA will most likely come into effect by the end of 2023 or early 2024. Under MiCA regulation, stablecoins pegged to fiat currencies, such as the euro, will belong to a category of so-called E-Money Tokens (EMT) and Significant E-Money Tokens (SEMT).
STASIS, the issuer of EURS, was part of the INATBA task force and assisted in the creation of crypto regulatory frameworks in Europe, helping consult several EU government agencies. EURS and its role as a EUR stablecoin are mentioned in the ECB 21st annual review of “The international role of the euro” published in June 2022.
If you have any further questions about using Euro stablecoins as well as about EURS and Stasis.net, do not hesitate to reach out to one of the following communities below!
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