Binance Announces Eurite (EURI) Listing
On Monday, Binance, one of the world’s largest cryptocurrency exchanges, revealed its latest listing: Eurite (EURI), a stablecoin compliant with the European Union’s Markets in Crypto Assets Regulation (MiCA). The announcement comes just two days after the launch of EURI by Banking Circle, a Luxembourg-based payments bank. That is a huge win because EURI is the first MiCA stablecoin to be issued and its payments are secured by a bank.
Trading Pairs and Availability
Binance spot market will be starting the trades of EUR/EURI and EURI/USDT trading pairs from August 28. For the preparation of this, users can already deposit EURI into their Binance accounts. According to the information, the withdrawals will be possible from August 29. It is worth mentioning that Binance has also introduced a “zero fee promotion” deal of the EURI pairs, the start of the trading and it will continue until the next announcement.
Banking Circle’s Vision for Eurite
Banking Circle Eurite was launched on August 26 as part of a larger strategy to take part in the digital finance world. Exploring banking from more creative angles was good advice from the company’s perspective in the beginning. Now, the company has said that first, the stablecoin will be listed on Binance, and then more exchanges will come. Daniel Lee, Head of Web 3 at Banking Circle, said the launch of Eurite represents the vision of the institution for which they have laid a sound foundation for future innovative projects including the issue of more stablecoins and tokenized money.
Key Features of EURI
Eurite not only being a bank-backed project but its compliance with MiCA regulations as well distinguish its shine. Eurite holders have the privilege of redeeming the stablecoin at any given time at a rate of 1:1 with the Euro, which is a big bonus as it guarantees the users stability and trust. The Fireblocks Tokenization Engine, a tool secured by Multi-Party Computation (MPC-CMP), amply controls the burning and minting of the stablecoin, thus providing an additional layer of security and efficiency in the process.
Regional Availability and Restrictions
Although Binance is all set to launch EURI trading, the use of these trade pairs is only limited to the European Union region. According to the freshest news from Binance, countries such as Canada, the USA, Cuba, Japan, and Iran are the ones who have no access to these trading pairs.
Conclusion
The placement of Eurite (EURI) on Binance not only is a major milestone for stablecoins but also for the cryptocurrency industry as a whole in Europe as it promises great growth and development. Eurite is the first MiCA-approved bank-issued stablecoin that could open the way for more regulated financial instruments in the crypto industry in Europe, thus offering greater safety, stability, and trust to users.
Reducing the trading costs to zero is a sure way to make the exchanges reach the sky, thus, boosting Binance’s position as the leader in the global cryptocurrency market.
