STASIS launches Euro-backed stablecoin EURS
Financial tokenization platform STASIS has launched EURS, a stablecoin backed by the Euro. With its $100 million pre-launch order book, it aims for $500 million by year-end.
STASIS, a financial tokenization platform, has officially launched EURS, a stablecoin pegged to the Euro. The launch is supported by a $100 million pre-order book, positioning EURS as the world's leading fully verified and collateralized stablecoin.
The company projects that the trading volume for EURS will reach $500 million by the end of 2018. EURS is designed to meet the growing demand from European institutional investors seeking a stable asset class amidst cryptocurrency market volatility. It also facilitates the seamless transfer of off-chain assets to the blockchain and back.
Built on the Ethereum blockchain and adhering to the EIP-20 standard, EURS is backed 1-for-1 by Euro reserves. These reserves are verified and publicly disclosed by a Big Four accounting firm. STASIS highlights its advanced three-level asset verification process, including weekly audits and daily statements from liquidity providers, ensuring transparency.
The platform enables investors to transact directly between registered securities like stocks and bonds, and EURS, bypassing traditional banking intermediaries. This feature addresses the banking sector's reluctance to serve the crypto industry.
STASIS is based in Malta and is pursuing a license under the country's recently established regulatory framework for distributed ledger technology (DLT). The Maltese government aims to foster a regulated environment for blockchain businesses operating within the EU.