Bitso adds Circle’s euro-backed stablecoin to facilitate remittances across the Atlantic

Rick Steves

“We add useful and innovative assets to our platform to continually expand use cases for our users that solve the needs of our region. We are confident that including Euro Coin into our portfolio will help us leverage the usage of stablecoins across the region, promote international transfers with transactions in euros and will allow people and companies to prosper in a global digital economy.”

Bitso has added Euro Coin (EUROC), the euro-backed stablecoin issued by Circle, to its offerings available in Latin America to Bitso’s 6 million+ customers.

The crypto platform is the first in Latin America to offer EUROC, thus allowing users to convert, buy, sell, deposit, save, invest or make local and international transfers in euros.

Stablecoins have emerged as a useful option for anyone who wants to transfer funds between entities or countries. The addition of EUROC furthers Bitso’s mission to offer borderless access to money to its users.

“Euro Coin brings everyday utility value for Bitso’s growing list of customers”

Joao Reginatto, Vice President of Product at Circle, said: “Adding Euro Coin brings everyday utility value for Bitso’s growing list of customers and clients that have a desire to transact with a fully-reserved, euro-denominated digital currency. We are excited to see the expansion of EUROC into the Latin American market and support Bitso’s mission of bringing borderless access to money for its users.”

Andrés Salcedo, Crypto Strategy Leader at Bitso, commented: “We add useful and innovative assets to our platform to continually expand use cases for our users that solve the needs of our region. We are confident that including Euro Coin into our portfolio will help us leverage the usage of stablecoins across the region, promote international transfers with transactions in euros and will allow people and companies to prosper in a global digital economy.”

According to the Observatory of Economic Complexity (OEC), 4.6 million Latin Americans live in Europe and the trade balance from 2020 as of today between Europe and Latin American countries amounted to almost 200 billion euros.

The introduction of euro-pegged stablecoins in Latin America is expected to benefit individuals and institutions on both sides of the Atlantic.

Bitso first partnered with Circle in 2020, with the listing of USD Coin (USDC). Euro Coin operates under the same transparent, full reserve model as USDC. It is 100% backed by euros held in euro-denominated banking accounts so it’s always redeemable 1:1 for euros.

EUROC was launched on the Ethereum network at the end of June 2022 and its market capitalization has grown to 26 million euros already, opening up new possibilities for multi-currency digital finance and near-instant currency exchange.

Read this next

Digital Assets

Alameda sues Voyager Digital to recover $445 million

FTX’s failed trading arm, Alameda Research, asked a court to claw back $445 million from Voyager Digital, which it said SBF’s empire paid to the crypto lender before collapsing into bankruptcy.

Metaverse Gaming NFT

Toyota taps Astar Network to explore Web3 in grand style

Although the crypto ecosystem has faced its fair share of bumps, Japanese automaker Toyota is seemingly bullish about the space and continue to look at Web3 as a promising opportunity.

Digital Assets

Bitcoin dominates inflows into crypto funds, AuM hits $28B

As the price of bitcoin continues to consolidate around recent highs, investors expand their positions in funds designed to profit from further appreciation in the cryptocurrency.

Institutional FX

Fiserv secures major payment institution licence in Singapore

Brookfield-based financial services technology provider Fiserv Inc has obtained nod for a Major Payment Institution license in Singapore.

Institutional FX

Finalto expands NDFs line-up with Taiwanese dollar

Finalto announced today that it has expanded its non-deliverable forwards (NDFs) offering with the addition of Taiwan’s dollar to its trading platform.

Opinion

It’s time for FX to Harness Crypto’s Potential

Jonathan Cumberlidge, FX Sales Director for BVNK, makes the case for cryptocurrencies in improving the efficiency and flexibility of foreign exchange trading.

Digital Assets

Owner of OptionMint, OptionKing, and OptionQueen gets 30 months in prison

A US federal judge has sentenced Ohio resident Jared Davis, who was found guilty for his participation in a multi-million fraud scheme carried out by Israeli-run binary options websites.

Executive Moves

iS Prime co-founders Raj Sitlani and Jonathan Brewer leave, but “business as usual”

“For our clients and teams at iS Prime, iS Risk and iS Prime Hong Kong, it is business as usual. We will be increasing our investment in our technology and staff, putting our clients first as we drive the business forwards to maintain our market leadership position.”

Digital Assets

Germany-focused DekaBank taps METACO for digital asset custody offering

“Digital assets are a critical part of the future, a radical new way for how assets will be represented, from currencies to real estate.”

<