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Home - Exchanges News - Binance To List First Bank-Backed MiCA-Compliant Stablecoin ‘EURI’

Exchanges News

Binance To List First Bank-Backed MiCA-Compliant Stablecoin ‘EURI’

Ali Raza
Last updated: October 28, 2024 3:38 pm
Ali Raza
Published: October 28, 2024
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Disclosure: BTCRepublic provides analysis and forecasts but does not offer investment advice. Our content is for informational purposes only. Please conduct your own thorough research and consult with a financial advisor before making any investment in cryptocurrency.
Binance To List First Bank-Backed MiCA-Compliant Stablecoin ‘EURI’
Highlights
  • Binance recently announced its plan to list Eurite (EURI), one of the first Markets in Crypto-Assets Regulation (MiCA) Regulated Euro stablecoins, on its platform.
  • As a result, Eurite (EURI) will now be available on spot trading pairs EUR/EURI and EURI/USDT on Aug 28.
  • Interested users can start depositing, trading, and withdrawing EURI stablecoin, as of Aug 29.

Binance, the largest Cryptocurrency exchange by trading volume, has announced today its plan to list Eurite (EURI), a MiCA-compliant stablecoin pegged to the Euro.

Contents
  • Eurite (EURI) New Spot Pairs, EUR/EURI and EURI/USDT, To Be Listed On August 28, 2024, At 10:00 (UTC)
  • Binance Offers “Zero-Fee Promotion” for EURI Trading Pairs
  • About Eurite (EURI), The First Bank-Backed Stablecoin

EURI launched barely two days ago, is the first bank-backed stablecoin to be regulated under MiCA within the European Economic Area (EEA).

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Eurite (EURI) New Spot Pairs, EUR/EURI and EURI/USDT, To Be Listed On August 28, 2024, At 10:00 (UTC)

Starting on August 28, 2024, at 10:00 (UTC), trading for EURI’s new spot pairs, EUR/EURI and EURI/USDT, will commence on the Binance platform.

More so, the deposit of EURI stablecoin will start on August 29, in preparation for trading and withdrawals of the stablecoin. 

The announcement revealed that the EUR/EURI and EURI/USDT trading pairs are currently available only to users in the EU region.

Users from countries like the US, Iran, Japan, Cuba, Canada, and so on will not have access to the spot trading pairs.

Binance Offers “Zero-Fee Promotion” for EURI Trading Pairs

To celebrate the launch of this stablecoin, Binance announced that it will offer a zero-fee promotion for the trading pairs.

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That means users won’t have to pay any fees on EURI trading pairs during the zero-fee promotion period. 

The promotion commences on August 28 and will continue until further notice.

About Eurite (EURI), The First Bank-Backed Stablecoin

Eurite (EURI), launched on Saturday, August 24, 2024, is a bank-backed Euro-pegged stablecoin. This means EURI is backed 1:1 by EUR cash, ensuring price stability and risk reduction.

It was issued by Banking Circle S.A., a payment bank based in Luxembourg. 

During the launch of the stablecoin, Banking Circle S.A. stated that the stablecoin would be launched first on the Binance crypto exchange, then CoinUT Switzerland AG, before launching on other crypto exchanges.

The stablecoin was touted to offer efficiency, stability, and speed in financial transactions, such as out-of-hours settlements, remittances, and in decentralized finance (DeFi).

EURI is fully compliant with the European Union’s Markets in Crypto Assets Regulation (MiCA) stringent regulations.

As a result, transacting with EURI offers improved credibility and trust for its users.

EURI is both a BEP-20 token on the BNB Smart Chain and an ERC-20 token on the Ethereum blockchain. Hence, it offers accessibility and versatility across various platforms. 

According to Head of Web 3, Banking Circle, Daniel Lee,

The launch of EURI establishes strong foundations and functionality for Banking Circle that will enable us to launch stablecoins and tokenized money in the future, providing more choice and optionality for the market.

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Ali About Us
ByAli Raza
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Ali Raza is a seasoned writer with over twelve years of experience specializing in cryptocurrency, blockchain, and the fintech industry. He has contributed to leading industry publications and authored hundreds of insightful articles in the fast-evolving digital asset space. His analytical skills and in-depth research give readers valuable perspectives on the industry.
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Reading: Binance To List First Bank-Backed MiCA-Compliant Stablecoin ‘EURI’
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