DeFiChain will be one of the first blockchains to fully integrate Euro Coin, a Euro-backed Stablecoin

by Arthur · March 20, 2023

Singapore, Singapore, March 20, 2023, Chainwire

DeFiChain, the world’s leading blockchain on the Bitcoin network dedicated to bringing decentralized financial applications and services to everyone, has announced the debut of the euro-backed stablecoin Euro Coin (EUROC) on its native blockchain. DeFiChain is one of the first blockchains to fully integrate a Euro-backed stablecoin.

On DeFiChain, EUROC will have the same support as USDC and USDT. This means that Cake DeFi will act as a custodian and issue dEUROC, a dAsset representing the EUROC stablecoin on the DeFiChain DEX. Users will also be able to transfer it from Ethereum to DeFiChain and vice versa via Quantum Bridge. In the near future, DFX Swiss, a gateway between fiat and crypto, will also add a simple Euro to EUROC pass-through for DeFiChain users.

Full reward became available on block #2 772 200 at 10 UTC Monday March 20. The dEUROC-dUSD pair will receive 5% of the dAsset block rewards, while the dEUROC-DFI will receive 0.74% of the crypto block rewards. The actual APRs may vary based on the block reward allocation dedicated to the new pools.

Andreas Osberghaus aka mrgrauel, a community member and the creator of DFIP to bring EUROC to DeFiChain, said: “Having a Euro stablecoin on DeFiChain has been a long-standing desire in the community, with the aim of simplifying the entry process for new users from the Eurozone. Therefore, I decided to set up a DFIP (DeFiChain Improvement Proposal). Now no one is forced to convert to US dollars or take on currency risk any longer.”

The special DeFiChain Improvement Proposal (DFIP) to bring EUROC to DeFiChain received an overwhelming response from the community, with 96.51% of the 1,862 votes in favor.

The Eurocoin (EUROC) maintains a 1:1 ratio to the Euro, meaning that for every Euro-backed stablecoin issued, the Issuing Circle has a corresponding amount of Euros in reserve. There has been a growing demand for euro-backed stablecoins in the crypto ecosystem. dEUROC can either be held as an investment, traded on the DeFiChain DEX, or used for Liquidity Mining to earn attractive rewards.

The availability of EUROC will help bring more liquidity on the DeFiChain DEX. It will allow users to invest with Euros instead of USD, improving the user experience for most European users and accelerating adoption. Users will be able to use EUROC to easily move euro liquidity on-chain, accept and make euro payments globally, and access crypto capital markets for trading, borrowing, lending and more.

DeFiChain is a fully decentralized blockchain with on-chain governance. Since its mainnet launch in May 2020, the project has seen enthusiastic community engagement in almost every aspect of the blockchain, from masternodes, projects, tools, governance, financial ideas, to code governance. The code base has been developed in an open source manner, and is widely peer-reviewed and discussed by many.

About DeFiChain

DeFiChain is a decentralized Proof-of-Stake blockchain created as a hard fork of the Bitcoin network to enable advanced DeFi applications. It is dedicated to enabling fast, intelligent and transparent decentralized financial services. DeFiChain offers liquidity mining, staking, decentralized assets and decentralized loans. DeFiChain Foundation’s mission is to bring DeFi to the Bitcoin ecosystem.

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