Cryptocurrency Exchange binance Adds MiCA-Compliant EURI Stablecoin Listing
In a strategic move to enhance its cryptocurrency offerings, binance, the leading crypto exchange, has recently announced the listing of the MiCA-compliant stablecoin Eurite (EURI). The listing came just two days after the official launch of EURI, marking a significant milestone in the evolving landscape of digital assets.
The official announcement by binance outlined plans to introduce spot trading pairs EUR/EURI and EURI/USDT starting on August 28. Users will have the opportunity to deposit EURI stablecoin to their accounts in preparation for trading activities, with stablecoin withdrawals set to commence on August 29.
Banking Circle's MiCA-Compliant EURI Stablecoin
EURI, the bank-backed stablecoin, was unveiled on Saturday by Banking Circle, a Luxembourg-based payments bank. Notably, EURI is fully compliant with the EU's Markets in crypto Assets Regulation (MiCA), positioning it as a pioneering e-money token in the digital currency realm.
Banking Circle's innovative approach in launching EURI showcases its commitment to regulatory compliance and financial innovation. The stablecoin is backed by a bank, marking a significant milestone in the realm of digital assets. The rollout of EURI on binance serves as a solid foundation for Banking Circle to explore more opportunities in the stablecoin and tokenized money space, providing enhanced market options and flexibility.
Redemption Rights and Secure Minting Process
Holders of Eurite are granted the right of redemption at any point in time, allowing them to request Banking Circle to redeem the stablecoin at a fixed value of 1 EUR per 1 EURI. This redemption feature adds a layer of security and trust for users engaging with the stablecoin.
The minting and burning of EURI are facilitated by the Fireblocks Tokenization Engine, leveraging its secure Multi-Party Computation (MPC-CMP) technology. This advanced process ensures the integrity and reliability of EURI transactions, providing users with a seamless experience in managing their stablecoin holdings.
Zero Fee Promotion and Market Restrictions
As part of its promotional strategy, binance has introduced a 'zero fee' promotion for users trading on EURI pairs, effective from August 28 onwards. This initiative aims to incentivize trading activities and enhance liquidity within the EURI market.
It is worth noting that the new trading pairs for EURI are currently available exclusively in the EU-region. Certain countries, including Canada, the USA, Cuba, Japan, and Iran, among others, are restricted from accessing the spot trading pairs. However, binance remains committed to expanding its market reach and exploring additional opportunities for global accessibility in the future.
Overall, the addition of the MiCA-compliant Eurite stablecoin listing on binance underscores the platform’s dedication to offering diversified and regulatory-compliant digital asset options for its users. As the digital currency ecosystem continues to evolve, strategic partnerships and innovative offerings like EURI set the stage for a more inclusive and dynamic crypto landscape.
