Overview
• DeFiChain has become one of the first blockchains to fully integrate Euro Coin, a Euro-backed stablecoin.
• Cake DeFi will act as custodian and issue dEUROC, a dAsset representing the EUROC stablecoin on the DeFiChain DEX.
• The availability of EUROC will help bring more liquidity on the DeFiChain DEX and allow users to invest with Euro instead of USD.
DeFiChain Integrates Euro Coin
DeFiChain, the world’s leading blockchain on the Bitcoin network dedicated to bringing decentralized financial applications and services to everyone, has announced the debut of the Euro-backed stablecoin Euro Coin (EUROC) on its native blockchain. DeFiChain is one of the first blockchains to fully integrate a Euro-backed stablecoin.
Custodial Services for EUROC
On DeFiChain, Cake DeFi will act as custodian and issue dEUROC, a dAsset representing the EUROC stablecoin on the DeFiChain DEX. Users will also be able to transfer it from Ethereum to DeFiChain and vice-versa via Quantum Bridge. In addition, DFX Swiss gateway between fiat and crypto will add an easy Euro to EUROC on-ramp for DeFiChain users in near future. Full rewards became available at Block # 2,772,200 at ~10AM UTC on Monday 20th March 2021 while 5% of total dAsset block rewards allocated for dEUROC-dUSD pair while 0.74% allocated for dEUROC-DFI pair.
Euro Coin Maintains 1:1 Ratio with Euro
The Euro Coin (EUROC) maintains a 1:1 ratio with the Euro which means for every euro backed stablecoins issued; issuer Circle holds an equivalent amount of euros in reserve. There is increased demand for euro backed stablecoins in crypto ecosystem due to which Andreas Osberghaus aka mrgrauel proposed DFIP (DeFichain Improvement Proposal) so that no one forced to convert US dollars or take currency risk any longer resulting 96.51% votes in favor when asked community members about same proposal
Conclusion
The availability of EUROC will help bring more liquidity on the Defi chain DEX improving user experience by allowing them investment with euros instead of US dollars along allowing them trading opportunities as well as Liquidity Mining options with attractive rewards
