Teemu Paivinen, creator and CEO of Equilibrium Labs, discusses a future coin that could facilitate EU cross-border transactions (EU).
The first ever Euro-pegged stablecoin EUROe concludes its seed funding round. Paivinen took to Twitter to announce the launch of EUROe, the first regulatory-compliant and fully licensed stablecoin initiative in the EU linked to the Euro currency.
https://twitter.com/teemupai/status/1601268319444955136?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1601268319444955136%7Ctwgr%5Eed9a99e34399fc1bfe739bc605bc15ea40d72d3f%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fu.today%2Ffirst-eur-pegged-regulated-stablecoin-inches-closer-to-release
According to his announcement, his Web3 infrastructure team Equilibrium Labs conceived the forthcoming stablecoin initiative. Initially, it was conceived as a EUR-pegged stablecoin for technical activities essential for the project’s advancement.
As the team operated in the European Union, it was in dire need of an asset tied to the euro. Paivinen’s team had no intention of “Being stuck” with USD-pegged stablecoins or EUR-based assets that were governed by foreign authorities.
With the advent of the much criticized Markets in Crypto Assets (MiCA) regulatory framework, Equilibrium Labs decided to develop a MiCA-compliant asset based on the Euro. Therefore, the team secured €2 million in seed funding from Helsinki-based Maki Ventures and will present EUROe as early as the beginning of 2023.
The stablecoin will enable fast, affordable, and transparent EU payments
Juha Viitala, CEO and co-founder of Membrane Finance, and a prominent spokesperson of the new product, emphasizes the significance of integrating an EU-regulated stablecoin into the local Web3 ecosystem:
“We have a strong protectionistic perspective in building EUROe. An EU version must be introduced to the market to compete globally with other currencies. Keeping EUR reserves in the ETA region and preventing reserve cumulation outside the EU is mandatory to keep up with the competition. EUROe will certainly play a role in this”
EUROe will be compatible with wallets, trading platforms, IoT designs, DAOs, fintechs, NGOs, and NFT marketplaces, per the project’s presentation.