Binance, one of the world’s largest crypto exchanges, recently announced the listing of Eurite (EURI), the MiCA-compliant stablecoin. The platform has also introduced zero-fee promotions for the novel stablecoin, which was launched two days before.
Spot Trading- EUR/EURI & EURI/USDT
According to Binance’s official announcement, the crypto exchange will open trading for spot trading pairs EUR/EURI and EURI/USDT on August 28 at 10.00 (UTC). Further, the platform invites community members to start depositing EURI stablecoin to prepare themselves for trading. The platform will permit the stablecoin withdrawals from August 29.
The exchange offers a zero-fee promotion for EUR/EURI and EURI/USDT trading pairs to celebrate the launch of the Eurite on Binance. As per the platform’s announcement, the promotion period will commence on August 28 and last until the platform announces further notice. All eligible candidates can enjoy zero-fee trading on these pairs during the period.
The Bank-Backed Stablecoin
Eurite (EURI) is one of the first MiCA-regulated EURO stablecoins, launched by Banking Circle S.A. The launch follows the MiCA regulation’s first phase implementation, applicable for asset-referenced tokens and e-money tokens. Notably, EURI is the first e-money token launched by Banking Circle. In addition, it is the first MiCA-regulated stablecoin issued and backed by a bank in the European Union.
Ethereum Co-founder Buterin Vision for DeFi and Stablecoins
Daniel Lee, the Head of Web3 at Banking Circle, commented on the institution’s vision of making stablecoins accessible to a large public with 24/7 availability of services. Lee added,
The launch of EURI establishes strong foundations and functionality for Banking Circle that will enable us to launch stablecoins and tokenised money in the future, providing more choice and optionality for the market.
Binance’s Launch of EURI
At the time of Eurite’s launch, Banking Circle announced that the stablecoin would be first available on Binance. The bank added that EURI will soon appear for trading on CoinUT Switzerland AG and more prominent platforms. The EURI launch is expected to spark more competition in the stablecoin market, which historically lags behind USD-backed stablecoins.
