New Stablecoin On The Horizon – EURS

New Stablecoin On The Horizon – EURS

Stablecoins are on the rise worldwide and Malta makes no exception. The local cryptocurrency startup Stasis launched a stablecoin pegged to the Euro. The new token goes by the name EURS.

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Stablecoins are on the rise worldwide and Malta makes no exception. The local cryptocurrency startup Stasis launched a stablecoin pegged to the Euro. The new token goes by the name EURS.

The important event was held at the Malta Chamber of Commerce. The same place where the newly crafted blockchain and cryptocurrency regulatory frameworks were discussed by Prime Minister Joseph Muscat.

The CEO and founder of Stasis, Gregory Klumov discussed in an interview that institutional investors have a great interest in stablecoin projects:

“We received a lot of interest from institutional investors – these want transparency and security first and foremost. There are also those investors who want to reduce the volatility of their portfolios and are looking for a stable coin to do so. Such investors participate in ICO’s and with fiat banking systems, you can’t execute a transfer immediately which is essential with such investments. EURIS allows you this kind of flexibility to execute transactions immediately in a transparent manner. Our reserves are verified daily so every investor will have confidence that the tokens issued are backed up.”

Klumov also hinted that in the future Stasis might tie digital assets to other fiat currencies as well. Interestingly, Klumov states that Ethereum provides the best blockchain platform, which is suitable for conducting cryptocurrency transactions.

For some reason, the institutional investors in Europe are on a hunt for stablecoins and the demand for fiat-pegged digital assets is ever-growing. EURS aims to tackle the extreme volatility natural to the cryptocurrency market. It will also allow institutions to exchange assets via the revolutionary blockchain networks. Though EURS is currently available only in DSX, the London-based exchange, but Stasis insists other exchanges are going to list the stablecoin token in the following months.

For the uninitiated, Stasis has been tightly collaborating with the Maltese government since 2012. The company has played a crucial role in the development of crypto/blockchain legislation. Many investors work with Stasis because the startup is able to tokenize practically any traditional assets. Its wide partner’s network allows for smooth on and off-chain transaction and distribution of assets.

Stablecoins are often touted as the future of crypto finance as they utilize cryptos’ best feature while ditching volatility at the same time.