Binance Eurite Launches: Euro-Pegged Stablecoin with Zero Fees

• Binance is adding Eurite (EURI), a Euro-pegged stablecoin, with trading pairs EUR/EURI and EURI/USDT starting August 28, 2024
• Enjoy zero commission on trades for the new Eurite (EURI) pairs as part of Binance's launch promotion
• Eurite is regulated under MiCA, ensuring compliance and stability with its 1:1 Euro backing

Binance announced the introduction of Eurite, EURI—a stablecoin directly related to the Euro and under the Crypto Assets Regulation, MiCA.

This full new stablecoin will be backed 1:1 with Euros and becomes live on Binance for trading in the EUR/EURI and EURI/USDT pairs starting from August 28, 2024. To mark this, there will be a special promotion that offers zero commissions for these pairs of trading.

About Eurite (EURI)

Binance has announced the introduction of Eurite, EURI, a Euro-pegged stablecoin that is MiCA-compliant within the European Economic Area. Trading of the new spot pairs, EUR/EURI and EURI/USDT, will open on August 28, 2024, at 10:00 (UTC). To celebrate the listing, Binance is offering a zero-commission promotion for the trading pairs.

EURI is a Euro-pegged stablecoin issued by Banking Circle S.A. and designed to offer stability and efficiency in financial transactions. Being among the very first stablecoins licensed under MiCA, EURI guarantees compliance with the highest EU requirements, thus fostering the best trust and confidence in its customers. This stablecoin is collateralized with cash in Euros on a 1:1 basis, ensuring price stability and reducing risks associated with digital assets.

Eurite is an ERC-20 token that operates under the Ethereum network and a BEP-20 token with operation under the BNB Smart Chain—a dual-chain, flexible, universally compatible stablecoin. This stablecoin would be available 24/7 to bring in faster and more efficient financial transactions for remittances, off-hour settlements, and decentralized finance.

Key Features of EURI

• Regulatory Compliance: EURI operates within the fully regulated framework of MiCA, which guarantees consumer protection, financial stability, and transparency
• Stability: A guaranteed peg of 1:1 allows relative stability against volatility, making EURI reliable as a medium of exchange
• Blockchain Integration: EURI, built on the Ethereum and BNB Smart Chain, utilizes blockchain technology to execute token transactions safely and quickly
• Wide range of applications: EURI helps in digital asset settlement, enabling proper management regarding volatility exposure, remittances, and execution of smart contracts within the DeFi landscape.

How EURI Works

EURI is issued by Banking Circle S.A. after successful Know Your Customer checks and onboarding. Institutional users like exchanges and liquidity providers should have the option of purchasing EURI by depositing the equivalent amount in Euros into the bank account of Banking Circle.

Immediately upon receiving the deposit, Banking Circle issues an equal sum in EURI and transfers it to the wallet of the user. These tokens will be then traded, saved, or spent on multiple financial transactions. Once the EURI returns to Banking Circle, they burn it, and the corresponding Euro comes back to the bank account of this user. 

Conclusion

The launch of Eurite (EURI) on Binance marks a critical development in the space of regulated stablecoins. Backed by cash, and abiding by the MiCA regulation, it gives its user base both stability and trust in their activities. 

This new asset will enable more secure and effective transactions and further underpin Binance's commitment to innovation and regulatory compliance in the European space.