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Euro Stablecoin Launched in Finland, Claims to Be First Approved in the EU

Finnish company Membrane Finance has released a fully-reserved stablecoin backed by the euro, according to a Feb. 2 blog post from the company. The company is licensed by the Finnish Financial Supervisory Authority (Fin-FSA) and claims that the new ”EUROe” coin is “the first and only EU-regulated crypto stablecoin.”

Each EUROe token is backed by “at least one fiat Euro [...] In a European financial institution or bank, ring-fenced from Membrane Finance,” according to the company’s post. The company believes it will allow for “near-instant payments” at close to zero cost, in contrast to the high cost and slow speeds of traditional finance.

The EUROe will initially be available on Ethereum, with support for additional blockchain networks planned for the future.

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