After the success of Tether, it was only a matter of time before someone launched a stablecoin backed by the Euro. And that’s what financial tokenization platform STASIS has done with the EURS.

Backed by a strong team of serial entrepreneurs, financial professionals, and cryptocurrency pioneers, the order volume of EURS is expected to reach $500 million by the end of the year.

That’s a pretty ambitious goal (that remains to be realized) and will make EURS the first fully collateralized and verified stablecoin.

The Team Behind EURS

The STATIS platform behind EURS comprises some heavy-hitters in the finance and crypto industries. Gregory Klumov, for example, is the CEO and founder of STASIS and is a recognized Asset Manager with specialist knowledge in alternative assets.

CTO Anatoliy Knyaze is one of the co-founders of the Bitcoin Fund, which was recognized by Bloomberg as the best YoY performing fund. Moreover, STATIS has been collaborating with the government of Malta, who has shown a deep understanding of blockchain technology and desire to promote innovation.

“We welcome any blockchain initiatives such as STASIS that while being innovative, will still respect and encourage compliance,” said Hon. Silvio Schembri, Minister for Financial Services, Digital Economy, and Innovation within the office of the Prime Minister of Malta.

The Goal of EURS

STATIS launched EURS to bridge the gap between the growing number of European institutional investors and the volatile, unregulated crypto world. EURS provides institutional investors with a trustworthy product that allows them to transfer off-chain assets to blockchain and back again without being subjected to price volatility.

EURS runs on Ethereum blockchain technology and is, in fact, the first stablecoin to use the EIP-20 Ethereum standard. But investors don’t need Ether to complete a transaction, as long as it starts from a STASIS wallet app. This is the first stablecoin that guarantees parity with the Euro–and has reserves verified by the Big Four Accounting Firm.

EURS is making headlines for other reasons as well, as the first cryptocurrency to release a 3-level asset verification process. There is also continuous assurance and transparency of reserved assets with weekly verification and daily statements. 

Currently, EURS is only tradable on London exchange DSX, but the creators have their sights on other key exchanges in the near future.

Another distinguishing feature of the EURS stablecoin is that investors can transact between registered securities like stocks, bonds and EURS without the need of a banking intermediary.

The Future of Stablecoins

Many prominent players in the crypto world agree that stablecoins are necessary to open the floodgates for institutional investments to come in as well as to offset volatility. Stablecoins are expected to accelerate in growth as soon as serious crypto hedge funds and traders enter the market. And of course, being compliant under Maltese and EU regulation, EURS will carry out full KYC and AML.

EURS comes with a lot of expectations. Whether it will live up to them remains to be seen, but it’s certainly got a lot of potential elements making it one to watch.

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