Blockchain investment platform STASIS has officially launched its EURS stablecoin, a move that’s likely to attract curious institutional investors throughout the European Union.
EURS, like other so-called stablecoins, is backed by real-world Euro investment. The Euros act like collateral, insulating the coin from the cryptocurrency market’s notorious volatility. The EURS tokenization platform has already demonstrated that it can collect a $100 million prelaunch orderbook, and its developers believe the coin’s volume will reach $500 million by the end of the year.
Where EURS stands above the rest of the stablecoin field, however, is its built-in regulatory compliance. STASIS is based in crypto-friendly Malta, and the EURS team designed its coin to fully comply with extant Maltese know-your-customer standard. Additionally, the STASIS team has anticipated future regulatory requirements, earning a nod from none other than Malta’s Financial Services Minister Silvio Schembri. Schembri called STASIS a model of innovation in the burgeoning cryptocurrency field due to its attention to regulatory detail and predicted that future crypto projects in Malta would likely follow the path laid out by STASIS.
Part of that path consists of fully vetted verification systems. EURS uses a three-tiered process, whereby weekly verification procedures are cross-referenced with daily statements by liquidity providers, ensuring a level of transparency unrivaled by any other stablecoin on the market.
STASIS CEO Gregory Klumov describes EURS as the essential link between the stuffy, traditional banking sectors and the cutting-edge crypto world. It’s built on the Ethereum platform but maintains a separate ecosystem, so ETH isn’t needed for transactions to process.
EURS, essentially, serves as a medium for translating offline assets online and traditional assets, like stocks and treasury bonds, to cryptocurrency.
“While cryptocurrency trading is currently dominated by individual and retail investors, STASIS and EURS will pave the way for institutional investors to enter the game and begin allocating capital – that’s what’s needed to take the industry to surpass the trillion dollar mark,” he said.
Reception
EURS’ technology team is headed up by Bitcoin Fund co-founder Anatoliy Knyazev, and it has already received praise from the market at large.
DSX exchange CEO Mike Rymanov said EURS is an example of the growing professionalism of the crypto industry, and he’s proud to have been EURS’ launch exchange.
EURS has also gained mentions in other media outlets, notably BCFocus. BCFocus notes that Malta is a hotspot for cryptocurrency, in general, and stablecoins, in particular, due to its proximity to the European market. Since EURS is a fully Euro-backed coin, it should provide European institutional investors with a safe haven during volatile markets – similar to the role that coins like Tether fill for U.S. investors.
Indeed, stablecoins are becoming a hot topic in the crypto world as the market continues to seek its new normal following its meteoric rise in December and subsequent crash in January.
Stablecoins, market observers note, provide an essential service in the fledgling crypto industry – easy portals to collateralized security, as well as a vehicle for converting crypto assets into more traditional securities.
References
- https://stasis.net/static/STASIS%20launches%20EURS,%20a%20stablecoin%20backed%20by%20the%20Euro%20.pdf
- https://bcfocus.com/news/stasis-launches-stable-coin-as-malta-welcomes-blockchain-innovation/18179/
- https://stocksgazette.com/2018/04/25/stable-coins-the-best-tether-usdt-alternatives/
