A compliant stablecoin
The crypto asset (virtual currency) Polygon (MATIC) project announced on the 13th the stablecoin “EUROe” that complies with European regulations.
EUROe is a stablecoin intended for corporate use cases, aiming to eliminate intermediaries and third-party risks and realize efficient international payments. According to the announcement, EUROe’s use cases are focused on the areas of artificial intelligence (AI) and data.
Seamless settlement for digital transactions #onPolygon ⚡️
We are thrilled to announce the release of EUROe, a digital EURO, on the GEN-X network.
The token launch will enable digital txn at lightning speed for enterprises in the Polygon ecosystem.
— Polygon Labs (@0xPolygon) March 13, 2023
What is a stablecoin
A cryptocurrency whose price is always stable. Various stablecoins have been developed whose value is backed by legal currency or virtual currency, or whose price is stabilized by algorithms.
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The stablecoin will be developed in partnership with Finnish fintech company Membrane Finance and German-based Web3 software company deltaDAO. EUROe launched on the network “GEN-X” built by deltaDAO and Polygon using Polygon’s service “Polygon Supernets”. In addition, in this announcement, it is stated that it will be launched on the GEN-X “test network”.
EUROe can be used as electronic money in private blockchain and non-blockchain environments. Using EUROe, companies participating in the network will be able to pay for services such as artificial intelligence (AI), data and infrastructure cheaper and more quickly than traditional payment networks.
deltaDAO co-founder Kai Meinke commented on the announcement:
By releasing EUROe onto the GEN-X network, we are one step closer to our goal of building a seamless, frictionless digital economy.
Network participants will gain a competitive advantage over platforms that implement fragmented payment solutions.
EUROe is registered with regulatory bodies and always redeemable 1:1 with Euros. In addition, Membrane Finance will manage the reserves.
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Rebecca Rettig, chief policy officer at Polygon Labs, which develops Polygon, commented that regulatory compliance would benefit not only the industry but also the development of the technology.
Basic technology overview
Polygon Supernets is a service for building blockchains specialized for specific apps. As mentioned above, the GEN-X network is developed using Polygon Supernets and is specialized for use with “Gaia-X”.
Gaia-X is a European initiative for AI and data infrastructure. Gaia-X uses the protocol “Ocean Protocol” to realize data sharing. The initiative is said to involve more than 365 organizations, companies and government projects from all sectors, including finance, energy and agriculture.
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