Maltese Company Releases Euro-backed Stablecoin

Maltese Company Releases Euro-backed Stablecoin

A Malta-based company has launched a new Euro backed Stablecoin called as EURS.

Stasis is a financial tokenization platform which has launched EURS. It is a new stablecoin built on Ethereum’s EIP-20 standard and is claimed to be backed 1-for-1 by the Euro. The EURS has begun trading on one exchange already, London-based DSX, and the company says that the order volume is projected to reach $500 million by the end of the year.

The company adds that EURS was specifically developed to satisfy growing demand for cryptocurrencies from European institutional investors. It also revealed to be working towards obtaining a license under Malta’s recently approved regulatory framework.

The CEO of Statis, Gregory Klumov, commented:

“EURS bridges the gap between traditional finance and the crypto economy. While cryptocurrency trading is currently dominated by individual and retail investors, STASIS and EURS will pave the way for institutional investors to enter the game and begin allocating capital – that’s what’s needed to take the industry to surpass the trillion dollar mark.”

The Maltese minister responsible for Financial Services, Digital Economy, and Innovation, Silvio Schembri, said:

“The Government of Malta has been working diligently and progressively to provide legal certainty to an industry that is currently unregulated. We, therefore, welcome any blockchain initiatives such as STASIS that while being innovative, will still respect and encourage compliance and we look forward to the company applying for a license under our DLT regulatory framework. The Government of Malta wants to create an environment conducive to the development of the blockchain ecosystem that will make Malta the natural destination for businesses operating in this field.”

The authorities in Malta have been working towards strengthening the legal frameworks for the growth of cryptocurrencies. They have been building a cryptocurrency and blockchain community by allowing expansion of a community composed of innovative and enthusiastic Blockchain based startups. Highest cryptocurrency trading volume comes from Malta alone.

Malta has been leveraging upon the recent developments taking place in the cryptocurrency and Blockchain world. Malta might create a revolution in the future and the world is watching how will it evolve over time. Malta wants to grow digital innovation space and blockchain.

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Aayushi Dhawan
Aayushi Dhawan is an avid reader, researcher, crypto writer and a passionate student. While pursuing her graduation in commerce at SRCC, she realized that writing and Finance give her immense pleasure. She is currently pursuing her post graduation in Commerce (Finance) from Department of Commerce, Delhi School of Economics and keeps on exploring the intricacies of research, her biggest strength.