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

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Sujha Sundararajan

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Sujha Sundararajan

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Last updated:

August 26, 2024 04:57 EDT

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Crypto exchange behemoth Binance, on Monday, announced the listing of MiCA-compliant Eurite (EURI) stablecoin, two days after its launch.

Binance will subsequently open spot trading pairs EUR/EURI and EURI/USDT on Aug 28, the announcement read. Further, users can start depositing EURI stablecoin, in preparation for trading and the stablecoin withdrawals will commence on Aug 29.

EURI is a bank-backed stablecoin, launched on Saturday, by Luxembourg-based payments bank Banking Circle. The stablecoin is compliant with the EU’s Markets in Crypto Assets Regulation (MiCA).

EURI is seemingly the first e-money token by Banking Circle and “first MiCA-regulated stablecoin issued and backed by a bank.”

During the launch, Banking Circle emphasized that Eurite will first be launched on Binance, followed by CoinUT Switzerland AG with more exchanges to follow.

“The launch of EURI establishes strong foundations and functionality for Banking Circle that will enable us to launch stablecoins and tokenised money in the future, providing more choice and optionality for the market,” said Daniel Lee, Head of Web 3, Banking Circle.

Also, holders of Eurite have a right of redemption at any time and at par value, Binance wrote. This means that users can request for Banking Circle to redeem the stablecoin at 1 EUR per 1 EURI at any given time.

The burning and minting of the stablecoin is carried-out by the Fireblocks Tokenization Engine using its secure Multi-Party Computation (MPC-CMP) technology.

Additionally, Binance also announced that there won’t be any fees for users during the promotion period on EURI trading pairs. The ‘zero fee promotion’ starts on Aug 28, and would continue until further notice.

Currently, Binance only offers the new trading pairs in the EU-region. Countries including Canada, USA, Cuba, Japan, Iran, among others are restricted to access the spot trading pairs, it added.