Categories: Cryptocurrencies

New Malta-based stablecoin EURS unveiled

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The firm issuing the altcoin, called EURS, is STASIS, whose CEO Gregory Klumov emphasises transparency and accountability, adding that, like other coins of its kind, it will be audited quaterly by one of the world’s four biggest accounting firms: KPMG, Deloitte, Ernest and Young or PwC.

“We are not running a fractional reserve system. Verification is the answer. STASIS always has reserves matching the issuance of its tokens. We only issue EURS when we get Euro to the bank account in equal amounts,” Klumov says. He believes order volumes will reach circa $500 million by the end of 2018.

Stablecoins, unlike other cryptocurrencies, are backed by fiat currency assets, which gives them their value while shedding them from volatility. These features make them appealing trading pairs for other cryptocoins on exchanges. Currently, Tether is the most commonly used stablecoin as well as ranking among the top ten cryptocurrencies.

Olivier Acuña

Olivier has been writing for over 30 years. He has been based in six countries working for major news outlets including the Guardian, UPI & AP. He has covered massive earthquakes, presidential elections, immigration, and taken photos standing in the middle of shootouts between drug cartels, gone undercover to investigate organised crime, interviewed presidents, former presidents, heads of international organisations.