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