The Finland-based company called Membrane Finance launched the new stablecoin pegged to the Euro, which would help in affordable and fast payments.
Finland witnessed the launch of a new stablecoin, which was launched by Membrane Finance. The Finnish company claims that the stablecoin, named EUROe, is the first regulated stablecoin of the European Union. The company has a license procured from the Finnish Financial Supervisory Authority (Fin-FSA). The company announced the launch of the EUROe in a blog post.
Pegged to the Euro in the ratio of 1:1, the EUROe is built on the Ethereum blockchain. The post states that the stablecoin would facilitate fast and transparent cross-country payments at low costs. According to membrane Finance, businesses and other firms could also use the EUROe for payments instead of using volatile and risky cryptos.
“Stablecoins are an essential part of the transition towards blockchain-based money infrastructure, and Europeans deserve to have a full-reserve euro stablecoin from the EU and regulated by an EU-based financial authority. EUROe hopefully brings more regular people to DeFi, who were previously unable to or worried about the volatility of cryptocurrencies,” said the CEO of Membrane Finance, Juha Viitala, asserting that the EUROe would help developers, individuals, corporate clients, and DeFi users immensely.
The post concludes by stating that the EUROe would be available for transactions from February 2, 2023, on the Ethereum blockchain and implemented in smart contracts. Membrane Finance also said it would release EUROe smart contracts on several blockchains such as Polygon, Solana, and Arbitrum One.