Eurite Euro Token (EURI) is a stablecoin associated with Euro. The Banking Circle S.A. issued the token under the regulatory ambit of Markets in Crypto-Assets Regulation (MiCA). This stablecoin is pegged to the Euro in a 1:1 ratio. EURI is ERC-20 and BEP-20 compliant, i.e., Ethereum and Binance Smart Chain users can access this token. Moreover, users can avail themselves of Eurite’s services at any time with zero fees.
In this article, you will read about the EURI tokens and their working and all other relevant details about getting started on this platform.
More About EURI Tokens
The current position of the EURI token in the market is given here.
- Current Market Price of EURI coins: $1.11
- Market Capitalization: $32,812,653
- Fully Diluted Valuation: $32,812,453
- 24 Hour Trading Volume: $8,673,585
- Circulating Supply: 29,501,004 EURI
- Total Supply: 29,501,004 EURI
- Maximum Supply: ∞
EURI is a blockchain-powered stablecoin that mainly aims to replace the traditional payment solution using blockchain technology.
The innovation in the market includes efficient payment solutions, managed volatility exposure, smart contracts, out-of-hours settlement, and treasury management.
Eurite (EURI): Features
Eurite is a secure stablecoin. The credits are regulated by the Luxembourg Commission de surveillance du secteur financier (“CSSF”). The funds that support the EURI tokens are bankruptcy remote. They would not go bankrupt at times of insolvency. The fiat currency received by the Banking Circle as part of EURI purchases is stored in a separate account away from Banking Circle’s assets. This measure is important to safeguard the customer’s funds in the event of bankruptcy.
The EURI token’s smart contracts are audited by a competent authority. This is to ensure that the 1:1 ratio between EURO and EURI is always maintained. Blockchain technology leveraged by the Eurite platform makes the process of financial transactions easy to use.
The Use Cases Of EURI Tokens
The EURI tokens have many different use cases.
- EURI is a fast and efficient payment method for settling digital assets transactions.
- EURI safeguards its users from price volatility by fixing the value of the token to the value of EURO in a 1:1 ratio.
- Cross-border remittances are made smooth EURI as the tokens are not bound by any selling or distribution restriction.
- The Eurite platform works 24/7, even outside the banking hours.
How Does Eurite Work?
If you are a user planning to venture into the Eurite platform, a thorough understanding of how the platform works is essential to power your activities on the platform.
- After you have applied for membership on the Eurite platform, the authorities will complete the KYC processes and onboard you to the platform. After the successful onboarding, an institutional user such as an exchange, liquidity provider, or trading platform can subscribe to get EURI tokens.
- The users can buy EURI tokens by depositing the required amount in the EURO to Banking Circle’s bank account.
- After receiving the application and EURO deposits, Banking Circle mints new EURI tokens equivalent to the Euro cash received and sends it to the institutional user’s wallet.
- The institutional user can then use the EURI tokens in their wallet to be bought, sold, stored, transferred, or traded with others. These transactions can be made even outside the banking hours.
- If the institutional user wants to return the EURI tokens to the Banking Circle, they are free to do so. EURI returned to Banking Circle will be removed from circulation through token burning. The corresponding amount of Euro will be deposited to the institutional user’s bank account.
The Bottom Line: Why Should You Invest In Eurite (EURI)?
EURI tokens are stablecoins in letter and spirit. They are less likely to fall for the general volatility in cryptocurrency prices. You can defeat the restrictions of time if you transact using EURI tokens as the services are available 24/7. Moreover, with the use of blockchain technology, transactions are held with speed and efficiency, without compromising on security.
If you are a prospective cryptocurrency investor, you can surely invest in EURI tokens to reap the benefits of the decentralized finance sector.
