You can deposit or withdraw EUROC from Bitso using the Ethereum (ERC-20) network exclusively. Make sure you choose this network when transferring your coins.
¿What is Euro Coin (EUROC)?
The Euro Coin (EUROC) is issued by Circle under the same full-reserve model as the USD Coin (USDC), a trusted dollar digital currency with more than $31 billion in circulation.
Designed for stability, Euro Coin is 100% backed by euros held in euro-denominated banking accounts so that it’s always redeemable 1:1 for euros. This can be done through the integration with Silvergate Bank with its euro-denominated fiat accounts.
According to CoinGecko currently, EUROC ranks #1662 in terms of Market Cap with €2.2 Million.
What makes it unique?
- Exchanges: enables customers to convert euros to Euro Coin and offers access to new digital asset trading pairs and near-instant stablecoin FX.
- Institutional traders: creates markets with Euro Coin and takes advantage of arbitrage opportunities across digital asset exchanges and decentralized finance (DeFi).
- Businesses: Accept Euro Coin payments to expand your customer base and get faster cash flow. Make payments globally to suppliers, vendors, and employees with funds that can settle in minutes
- Individuals: Pay for goods at participating merchants, transfer money quickly across borders to friends and family, and use Euro Coin throughout DeFi and the innovative Web3 ecosystem.
- European Expats: Furthermore another potential use case is Bitso Pay. European resident users traveling to LATAM would (if Bitso enables EUROC for Bitso Pay) be able to pay for goods and services by spending their EUROC.
The use of stablecoins has found their use case highly applicable for payment solutions between institutions and retail users.
The success of these past actions has prompted a serious look into issuing other stablecoins such as the EURO, in order to satisfy the needs that users have faced by using the USD stablecoins.