Bitso has become the first digital asset exchange to offer Circle’s Euro-based stablecoin, according to a note from the firm. This means customers may now choose to transact in either US dollars or Euros by leveraging Circle’s digital currency.
Bitso offers services in various Latin American countries and is based in Mexico. Last October, Bitso announced topping 6 million users in Latin America.
The stablecoin EUROC allows customers to convert, buy, sell, deposit, save, invest or make local and international transfers in Euros.
Bitso states that international transfers are one of the fastest-growing use cases for crypto, with stablecoins emerging as a topl option for anyone looking to transfer funds between entities or countries. With around 4.6 million Latinos living in Europe, Bitso expects both individuals and institutions to benefit from the introduction of Euro stablecoins in Latin America.
Circle has long been a compliance first platform and it provides EUROP udner full reserve model with the stablecoin 100% backed by Euros held in Euro-denominated bank accounts, so it is always 1:1 redeemable for Euros.
“The addition of Euro Coin brings daily utility value to Bitso’s growing list of customers who have a desire to transact with a fully reserved, euro-denominated digital currency,” said Joao Reginatto, Circle’s Vice President of Product. “We are excited to see EUROC expand into the Latin American market and support Bitso’s mission to provide borderless access to money for its users.”
As the market cap of EUROC is small, the additioan of Bitso should help drive more interest in the stablecoin.
Andrés Salcedo, Crypto Strategy Leader at Bitso, said they are confident that the Euro stablecoin will them “leverage the use of stablecoins across the region, promote international transfers with euro-denominated transactions, and enable individuals and businesses to thrive in a global digital economy.”