EURS, a new digital cryptocurrency project has just been launched by the Malta-based crypto outfit Stasis. It is pegged at a 1:1 level against the Euro.
At the Malta Chamber of Commerce buildings, Prime Minister Joseph Muscat launched the project. He made an important announcement regarding the blockchain legislation and the new crypto that was passed through the Maltese parliament.
Gregory Klumov also stated that there was a significant demand for such a stable coin from institutional investors. Klumov said that this was an option that could be explored while talking about the possibility of future pairings. He also stated,
Ethereum remained the best blockchain around at the moment for cryptocurrency operations.
Klumov told CCN,
We received a lot of interest from institutional investors- these want transparency and security first and foremost. There are also those investors who want to reduce the volatility of their portfolios and are looking for a stable coin to do so. Such investors participate in ICO’s and with fiat banking systems, you can’t execute a transfer immediately which is essential for such investments. EURIS allows you this kind of flexibility to execute transactions immediately in a transparent manner. Our reserves are verified daily so every investor will have confidence that the tokens issues are backed up.
In opposition to cryptocurrencies, EURS aims to deal with a growing demand from European institutional traders. From 4th July onwards, EURS will be available at the London-based trade DSX stores.
Stable coins are multi-billion dollar market cryptocurrency that is pegged to fiat money like USD. So, their value will remain the same.
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