The top DeFi-centric blockchain on the Bitcoin network, DeFiChain, has announced the launch of Euro Coin (EUROC), a stablecoin backed by the euro. The move came after a Defichain Improvement Proposal (DFIP) submitted to the DeFiChain community to incorporate EUROC, obtained 96.5% of the 1,862 votes cast.
DeFiChain is a proof-of-stake (PoS) blockchain that has on-chain governance. In addition, its source code has been created using an open-source methodology and has been subjected to extensive peer review. It’s also among the first blockchains to fully incorporate a stablecoin pegged to the Euro.
On Monday, March 20, at around 10AM UTC, the full rewards for Block #2,772,200 became available. A total of 5% of all dAsset block rewards and 0.74 % of all cryptocurrency block rewards will be distributed to the dEUROC-dUSD pair. However, the exact APRs may change depending on how much of the block rewards are set aside for the new pools.
The Euro Coin and its role in the DeFiChain ecosystem
Like the USDC and USDT, the EUROC will be supported. Cake DeFi will issue dEUROC, a dAsset reflecting the EUROC stablecoin on the DeFiChain DEX. In addition, the platform will serve as a custodian for the EUROC token. The EUROC stablecoin is pegged to the Euro at a 1:1 ratio, so for every EUROC released, the issuer, Circle, has the same number of Euros in reserve.
The dEUROC can be used for investment, exchanged on the DeFiChain DEX, or mined for significant rewards in the Liquidity Mining process. With the Quantum Bridge, users will be able to move dEUROC from Ethereum to DeFiChain and vice versa. DFX Swiss, an intermediary between fiat and cryptocurrency, will soon provide DeFiChain users with a simple on-ramp from Euro to EUROC.
Due to rising ecosystem demand for euro-backed stablecoins, the introduction of EUROC will likely help increase liquidity on the DeFiChain DEX. Also, the ability to invest in euros rather than dollars is expected to increase interest from European investors.
In addition, EUROC will allow its users to swiftly transact Euro liquidity on-chain, receive and make Euro payments anywhere in the world. The asset will also give them access to the cryptocurrency capital markets for the purposes of trading, borrowing, lending, and more.