Malta-Based Company Launches New Euro Backed Stablecoin, EURS
With all the controversy and mistrust surrounding Tether (USDT) it’s no surprise that a multitude of new alternatives have popped up recently. The latest example is from Malta where a company seeking a local crypto license has launched a Euro-backed stablecoin, EURS.
Stasis Launches EURS
Stasis, a financial tokenization platform, has launched EURS, a new stablecoin built on Ethereum’s EIP-20 standard and claimed to be backed 1-for-1 by the Euro. The EURS has begun trading on one exchange already, London-based DSX, and the company says that the order volume is projected to reach $500 million by year’s end.
The company adds that EURS was specifically developed to satisfy growing demand for cryptocurrencies from European institutional investors. “EURS bridges the gap between traditional finance and the cryptoeconomy,” commented Gregory Klumov, Stasis CEO. “While cryptocurrency trading is currently dominated by individual and retail investors, STASIS and EURS will pave the way for institutional investors to enter the game and begin allocating capital – that’s what’s needed to take the industry to surpass the trillion dollar mark.”
Working Towards a Maltese License
Stasis is also revealed to be working towards obtaining a license under Malta’s recently approved regulatory framework. Last week, the EU member country enacted three bills into law that are meant to encourage the establishment of cryptocurrency businesses on the island. These include a prohibition on insider trading, market manipulation and misleading ads or ICO whitepapers.
“The Government of Malta has been working diligently and progressively to provide legal certainty to an industry that is currently unregulated”, said Silvio Schembri, the Maltese minister responsible for Financial Services, Digital Economy and Innovation. “We therefore welcome any blockchain initiatives such as STASIS that while being innovative, will still respect and encourage compliance and we look forward to the company applying for a licence under our DLT regulatory framework. The Government of Malta wants to create an environment conducive to the development of the blockchain ecosystem that will make Malta the natural destination for businesses operating in this field.”
Should crypto traders welcome the new alternatives for Tether such as EURS? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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