Binance says it will be listing Eurite (EURI) and introduce EURI zero trading fee promotions as well.
Binance reminds users to do their own research before making any trades for the aforementioned token outside Binance in order “to avoid any scams and ensure safety of your funds.”
Binance added that this is a general announcement. Products and services are not accessible in certain jurisdictions due to regulatory restrictions.
Binance confirmed in a blog post that it will list Eurite (EURI) and open trading for the following spot trading pairs at 2024-08-28 10:00 (UTC). To mark the launch, Binance is introducing a zero fee promotion for EURI trading pairs.
Eurite (EURI) list and new spot trading pairs being supported are as follows: EUR/EURI and EURI/USDT. Users can now start depositing EURI in preparation for trading.
EURI Listing Fee: 0 BNB.
Withdrawals for EURI will open “at 2024-08-29 10:00 (UTC).” As clarified in the update, the withdrawal open time is an estimated time for users’ reference. Users can view “the actual status of withdrawals on the withdrawal page.”
It’s worth noting that Eurite (EURI) is a MiCA-regulated crypto token,
Banking Circle S.A., the innovative, tech-driven payments bank, announced the launch of EURI, a bank-backed stablecoin, compliant with the Markets in Crypto Assets Regulation (MiCA).
The launch of EURI follows the implementation of “the first phase of the MiCA regulation which applies to asset referenced tokens and e-money tokens from the 30 June 2024.”
The MiCA regulation aims to foster the “use of innovative technologies by setting a regulatory framework that covers crypto-assets (including stablecoins), crypto-assets issuers and crypto-asset service providers to protect the rights of holders in the EU. As an EU regulation, it is directly applicable to all 27 EU member states.”
EURI is the first e-money token launched by Banking Circle and “the first MiCA regulated stablecoin that is issued and backed by a bank in the EU.”
Eurite will first be available via Binance “with more exchanges to follow. The burning and minting of EURI is enabled by the Fireblocks Tokenization Engine and secured by its Multi-Party Computation (MPC-CMP) technology.”
This announcement provides more welcome competition “in the EU stablecoin market, which has historically lagged behind dollar stablecoins.”
The key benefits of EURI include:
- Safety and security: All EURI holder fiat funds received in exchange of EURI will be segregated and held in cash or cash equivalents in a bankruptcy remote structure by Banking Circle. EURI will be available on the Ethereum and BNB Smart Chain blockchains and subject to transaction monitoring and risk assessments for fraud identification and general risk mitigation.
- Trust: EURI is fully compliant with the MiCA regulation and will be audited by a top tier auditor to ensure parity between the EURI in circulation and the cash received from EURI holders.
- Efficiency: Fiat conversion can be timely and costly, while an e-money token is the most frictionless option for fiat hedging transactions. EURI can be used for the fast and efficient settlement of other digital currency assets.
- Redemption at par value: The holders of EURI have a right of redemption at any time and at par value, meaning that they can request for Banking Circle to redeem (return) the EURI at 1 EUR per 1 EURI at any given time.
Daniel Lee, Head of Web 3, Banking Circle commented:
“By combining cutting-edge technology for the digital asset industry and ensuring compliance with the latest European regulations, Banking Circle can provide stablecoin users with the robust banking service and infrastructure they deserve and make stablecoins accessible to a wider audience wanting 24/7 access to instant payments. The launch of EURI establishes strong foundations and functionality for Banking Circle that will enable us to launch stablecoins and tokenised money in the future, providing more choice and optionality for the market.”
Ran Goldi, SVP Payments and Network at Fireblocks, added:
“As financial institutions introduce new MiCA-compliant stablecoins into the European market, it’s essential that they are leveraging enterprise-grade technology and a robust infrastructure to provide a secure, accessible, and seamless experience for users.”