Binance, one of the leading cryptocurrency exchanges, has made a significant move in the stablecoin market by announcing the listing of MiCA-regulated Euro-backed stablecoin Eurite (EURI) on its platform. This decision comes just weeks after implementing new Markets in Crypto-Assets Regulation (MiCA) stablecoin rules.
According to the release, trading for the new spot pairs EUR/EURI and EURI/USDT will commence on August 28. Users can already deposit EURI on the platform, with withdrawals expected to be available starting August 29. To celebrate the listing of EURI, Binance has introduced a zero-fee trading promotion for the stablecoin’s trading pairs, aiming to boost user engagement and improve liquidity.
Eurite (EURI) is a Euro stablecoin regulated under the European Economic Area’s (EEA) MiCA framework. The stablecoin is issued by Banking Circle S.A., a credit institution authorized under the supervision of the Luxembourg Commission de Surveillance du Secteur Financier (CSSF). EURI is pegged to the Euro on a 1:1 basis, ensuring that each token is backed by one Euro. It will be available as an ERC-20 token on the Ethereum blockchain and as a BEP-20 token on the BNB Smart Chain.
Binance has been actively working to strengthen compliance measures globally, with plans to expand its compliance team by hiring over 200 new employees. The exchange’s CEO, Richard Teng, has emphasized the importance of working closely with regulators and focusing on innovations and seamless adoption of cryptocurrencies.
The listing of EURI comes at a time when the stablecoin market has reached a new peak, with a total market capitalization of $168 billion, surpassing the previous peak set in March 2022. Despite this growth, stablecoin trading volumes have seen a decline, attributed in part to MiCA regulations. This has raised concerns about the future of top stablecoins like Tether USD (USDT) in Europe.
Overall, Binance’s decision to list MiCA-regulated Eurite (EURI) reflects the exchange’s commitment to compliance and innovation in the cryptocurrency market. The move is expected to provide users with more options for trading stablecoins and contribute to the overall growth and stability of the market.