Gnosis Chain Collaborates with Monerium to Launch EURe: The Over-Collateralized Euro Stablecoin
On March 21st, Gnosis Chain officially announced that the electronic currency institution Monerium has launched an over collateralized Euro stable currency EURe on the network, wit
On March 21st, Gnosis Chain officially announced that the electronic currency institution Monerium has launched an over collateralized Euro stable currency EURe on the network, with a mortgage rate of 102%, supported by actual euros held in bank deposits or qualified high-quality, highly liquid securities. With the help of the digital asset management platform Safe to sign transactions, EURe can be sent as euros to any bank account through the Single Euro Payment Area (SEPA).
The electronic currency institution Monerium launched the Euro stable currency EURe in Gnosis Chain
Cryptocurrency enthusiasts have a reason to cheer as the electronic currency institution, Monerium has introduced its Euro stable currency, EURe, on the Gnosis Chain network. The digital asset management platform Safe enables users to sign transactions and send EURe as euros to any bank account through the Single Euro Payment Area (SEPA). This article explores the salient features of EURe, its significance in the world of cryptocurrencies and the implications of the Gnosis Chain-Monerium collaboration.
What is EURe and what are its features?
EURe is a stablecoin that offers users the ability to operate entirely using actual euros held in bank deposits or highly liquid securities. It is over-collateralized, allowing for a mortgage rate of 102%, giving it an edge over other stablecoins that are not fully backed. EURe is based on Ethereum and uses smart contracts to convert the collateral held in reserve to collateralized debt positions (CDPs) on the MakerDAO platform.
EURe’s over-collateralization feature ensures its ability to withstand market volatility, making it a highly secure investment asset. It also offers users the added benefit of being able to redeem their EURe for euros held in bank deposits or highly liquid securities, within a matter of minutes.
The Importance of the Gnosis Chain-Monerium Collaboration
Monerium has collaborated with Gnosis Chain to launch EURe on the latter’s blockchain platform. Gnosis Chain is an Ethereum-based platform that enables users to trade cryptocurrencies and derivatives with total control over their private keys, without the need for intermediaries like exchanges.
Gnosis Chain’s transparency and integrity in handling transactions make it an ideal platform for hosting EURe. The Gnosis platform provides high-level security and audited smart contracts to its users, ensuring that their investments remain safe at all times.
Monerium has been authorized by the Icelandic Financial Supervisory Authority (FME) to issue electronic money, making it the first institution of its kind to receive such authorization. The collaboration with Gnosis Chain to launch EURe is a promising step towards the wider adoption of cryptocurrencies in traditional banking and financial systems.
The Significance of Over-Collateralization in Stablecoins
The over-collateralization feature of EURe adds an extra layer of security to the stablecoin. It ensures a minimum threshold of assets held in reserve to cover any potential market risks, making it more reliable than other stablecoins based on trust in centralized entities.
Moreover, over-collateralized stablecoins are not subject to traditional banking system failures, which means that they offer users greater financial stability during times of economic uncertainty.
EURe’s Impact on the Cryptocurrency Market
The launch of EURe is a significant milestone in the cryptocurrency market as it is one of the few Euro-backed stablecoins available. EURe’s over-collateralization feature guarantees it’s backed entirely by actual euros and is more secure, reliable, and transparent than other Euro-backed stablecoins. EURe also provides a secure gateway between traditional banking systems and cryptocurrencies, making it an attractive investment asset for those who have been hesitant to explore the world of cryptocurrency.
Conclusion
The launch of EURe demonstrates the growing acceptance of cryptocurrencies in mainstream banking and financial systems. With its over-collateralized feature, EURe provides users with high levels of security, reliability, and stability. The Gnosis Chain-Monerium collaboration also attests to the potential of blockchain technologies to transform traditional financial systems.
FAQ
Q1. What is EURe?
EURe is an over-collateralized Euro stable currency that is fully backed by actual euros held in bank deposits or qualified high-quality, highly liquid securities.
Q2. What is the significance of over-collateralization in stablecoins?
Over-collateralization ensures that there is a minimum threshold of assets held in reserve to cover any potential market risks, making it more reliable than other stablecoins based on trust in centralized entities.
Q3. What are the implications of the Gnosis Chain-Monerium collaboration?
The collaboration between Gnosis Chain and Monerium to launch EURe is a significant milestone in the adoption of cryptocurrencies in traditional banking and financial systems. It also highlights the potential of blockchain technologies to transform traditional financial systems.
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