Issuance Of Euro Stablecoin On The Ethereum Blockchain
There are a number of regulated USD stablecoins, which allow anyone to make a transaction internationally with USD 24/7/365. At the same time, there is no widely used, successful EUR stablecoin. Nexo’s digital wallet is used by hundreds of thousands of Europeans to grow their EUR savings with Nexo’s Earn on Fiat product.
To improve the overall user experience and make Nexo services more accessible to anyone in the world, we are looking to bring innovation & convenience already available to USD-denominated stablecoin holders to EUR holders.
Nexo considers leveraging its pool of users and their capital as a base to launch a regulated ERC-20 EUR stablecoin which should always hold the value of 1 Euro. In order to issue such stablecoin, Nexo needs to select a stablecoin design while navigating the regulatory environment and working with relevant industry stakeholders to bring the first 1 Billion euros to the blockchain.
For end-users, stablecoins are an attractive means of payment with low costs, global reach, and speed as huge potential benefits. Moreover, stablecoins could allow seamless payments of blockchain-based assets and can be embedded into digital applications thanks to their open architecture, as opposed to the proprietary legacy systems of banks.
More about NEXO:
Nexo is the world’s leading regulated financial institution for digital assets with $4 billion in assets under management. The company’s mission is to maximize the value and utility of cryptocurrencies by offering tax-efficient Instant Crypto Credit Lines™, a high-yield Earn on Crypto & Fiat suite, and sophisticated trading and OTC capabilities, while providing the top-tier custodial insurance and military-grade security of the Nexo Wallet. Nexo has processed $5+ billion for 1,000,000+ users across more than 200 jurisdictions.