Monerium, a licensed and controlled Digital Cash Establishment (EMI), has launched a Euro stablecoin known as EURe on the Gnosis Chain.

The announcement was made by Gnosis Chain officers, who revealed that the stablecoin is 102 p.c overcollateralized and backed by precise holdings of euros in financial institution deposits or eligible high-quality, extremely liquid securities.

By the Protected digital asset administration platform, transactions involving EURe might be signed and despatched to any checking account in Euros through the Single Euro Funds Space (SEPA). Monerium is permitted to situation digital cash to residents of the European Financial Space, the UK and Switzerland.

Gnosis Chain is a decentralized platform for constructing open monetary infrastructure, centered on enabling builders to create functions that may be built-in with blockchain know-how.

The EURe stablecoin goals to offer a secure, safe and clear method to trade Euros on the Gnosis Chain community.

The launch of EURe is predicted to facilitate sooner and extra environment friendly cross-border transactions and supply new funding alternatives for customers looking for publicity to the euro. Gnosis Chain formally believes that EURe is a vital milestone within the improvement of open monetary infrastructure, and appears ahead to extra secure cash becoming a member of its platform sooner or later.

Because the digital asset market continues to develop, increasingly more stablecoins are being launched into the market, backed by totally different currencies, commodities and belongings. Stablecoins are rising in recognition as a consequence of their low volatility in comparison with different cryptocurrencies and their capability to offer customers with a secure retailer of worth.

With the launch of EURe, Monerium and Gnosis Chain take a step ahead within the adoption of stablecoins, offering a regulated and safe method to trade euros on the blockchain.