As a seasoned researcher with years of experience observing the dynamic world of cryptocurrencies, I find myself intrigued by the recent developments at Binance. The listing of MiCA-regulated stablecoin Eurite (EURI) is a significant step for the exchange and the crypto industry as a whole. It’s fascinating to see how Binance, once known for its decentralized ethos, is now embracing regulation, as evidenced by their recent hiring spree in the compliance department.
After several weeks of enforcing rules for stablecoins under the European Markets in Crypto-Assets Regulation (MiCA) on its platform, Binance has recently revealed the addition of a MiCA-compliant Euro-supported stablecoin called Eurite (EURI).
According to the announcement, trades for the new currency pairs EUR/EURI and EURI/USDT will begin on August 28th. Depositing EURI is currently available for users on Binance, with withdrawals anticipated to start from August 29th.
Significantly, the platform introduced a zero-cost trading offer for Eurite stablecoin’s trading combinations as part of the celebration of its listing. This initiative aims to stimulate user interaction and enhance liquidity. During this promotion, users will be able to trade EURI spot and margin trading pairs without any maker or taker charges being incurred.
Eurite, or EURI, is a Euro-backed digital currency overseen by the MiCA framework within the European Economic Area. The entity responsible for issuing this stablecoin, Banking Circle S.A., holds authorization as a banking institution and comes under the oversight of Luxembourg’s financial regulator, Commission de Surveillance du Secteur Financier (CSSF).
The digital currency known as EURI holds the same value as the Euro, with each EURI token representing one Euro. This equivalence is upheld by funds sent in by EURI holders. The stablecoin is introduced at its face value. You can obtain EURI tokens on both the Ethereum blockchain using the ERC-20 standard and on the BNB Smart Chain through the BEP-20 standard.
Lately, Binance has been working hard to enhance global compliance procedures. It was reported that they aim to grow their workforce significantly, adding more than 200 new members to their compliance team just last week. Back in December, the exchange’s newly appointed CEO, Richard Teng, stated that Binance would maintain close collaboration with regulators while prioritizing innovative solutions and smooth integration of cryptocurrencies.
This June, Binance disclosed that they had instituted new regulations for MiCA stablecoins throughout the European Economic Area (EEA).
Stablecoin Market Cap Attains a New Peak
At present, the listing of EURI occurs amidst a period of significant expansion within the stablecoin market. According to DefiLlama’s statistics, the total value of all stablecoins has soared to an unprecedented high of $168 billion following eleven months of continuous growth. This surpasses the previous record of $167 billion, which was set in March 2022.
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As a crypto investor, I’ve noticed an impressive growth in the market, but unfortunately, the trading volumes for stablecoins have significantly dropped. A report by CCData suggests that the MiCA regulations might be causing this decline, stirring up worries about the future of prominent stablecoins such as Tether USD (USDT) in Europe.
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2024-08-26 13:48