There are many cryptocurrencies in the market. While they strive to maintain a high value, they cannot withstand one of the drawbacks of crypto investments—volatility. In order to cope with volatility, developers created a different type of asset known as ‘stablecoins.’ These assets are pegged to fiat currencies and stay on a 1:1 ratio to the currency they are pegged to, e.g., USD, EUR, KRW, JPY, etc., while maintaining the core feature of cryptocurrency, decentralization.
Many of these stablecoins are pegged to the USD since it is the most popular currency in the world. This is quite inconvenient for investors who would prefer to work with euros. In recent years, many stablecoins pegged to the EUR are emerging in the market, acting as an alternative. In this article, we will discuss the largest EUR-backed stablecoin that mirrors the value of the second-largest currency in the world—STASIS EURO.
What Is STASIS EURO?
STASIS EURO (EURS) is a digital currency launched in 2018 by STASIS, a Maltese firm that serves as a bridge from Web 2.0 to Web 3.0 for financial services. It is a stablecoin pegged to the value of the EUR. This means that 1 EURS is always worth 1 EUR. Being a stablecoin means its value is stable and does not fluctuate like other cryptocurrencies. This makes EURS ideal for use in payments, commerce, and savings.
Unlike traditional fiat currencies, EURS is not controlled by any central bank or government. Instead, it is issued by STASIS and held in a reserve of real EUR. The reserve holds over 100 million EUR in fiat currency. This ensures that the value of EURS is always backed by real euros, making it a reliable and stable form of currency. It is also an excellent choice for people who want to hold EUR without worrying about the market’s volatility.
Initially built on the Ethereum blockchain, STASIS EURO now also runs on Algorand and Polygon, with more blockchains in the works.
How Does STASIS EURO Work and Maintain Its Peg?
To maintain its peg, STASIS EURO is backed by off-chain assets. It combines solutions from licensed financial intermediaries and distributed ledger technology to serve as a transparent and institutional-quality blockchain ecosystem.
The EUR fully backs the stablecoin. To maintain accountability for the EURS token, even in the case of an actual economic collapse, STASIS keeps an audited account of its reserves in euros. It conducts:
What Sets EURS Apart?
STASIS EURO pride itself on being the first EUR-backed stablecoin in the market. Aside from being a non-USD backed stablecoin, STASIS:
- enables the issuer’s collateral allocation to be published daily in the form of statements from licensed financial intermediaries with STASIS accounts;
- has the most addressable market: Customers from 175 countries can access institutional or individual accounts with STASIS;
- architecture for euro-as-a-service is built on a proprietary backend with white-label capacity;
- EURO was the fore-front to start the stablecoin transparency race, hiring Big4 auditors to regularly audit the issuer’s balance sheet—yearly and quarterly.
Conclusion
Regarding stablecoins, most people’s first thoughts are Tether (USDT) or USD Coin (USDC). This is because they are usually backed by USD, the most adopted fiat currency in the world. However, there are other options out there that are backed by different currencies. One such option is STASIS EURO. As a pioneer among EUR-backed tokens, EURS is an excellent alternative for crypto enthusiasts who want to work exclusively with euros and do not want to handle dollars.
Additionally, the token’s reserve holds over 100 million worth of real EURs and goes through daily, quarterly, and yearly audits. These audits are published to uphold one of the core objectives of STASIS—transparency.
FAQ
1. What are the use cases for STASIS EURO?
EURS commercializes stablecoin use cases such as acquisition, DeFi lending, remittance, and white-label corporate settlement.
2. What are the benefits of STASIS EURO?
EURS allows global payment while taking advantage of scalability. It also allows for speedy transfer of assets worldwide while maintaining anonymity. Lastly, the token is backed by other assets and accounted for in statements that are published for transparency.
3. Who is behind STASIS EURO?
The team members behind EURS all have prior experience in the fintech business. Gregory Klumov, the current CEO, founded the project. Other key management team members include the project’s:
- CTO, Anatoliy Knyazev;
- CFO, Vyacheslav Kim;
- and CLO Konstantin Orlov.
4. How can I buy EURS?
Guarda Wallet now supports STASIS EURO. To buy EURS, download the desktop app or access the wallet via the web. Then you can purchase EURS on the platform or receive from others in your wallet.
