Binance, the leading cryptocurrency exchange, announced on Monday the listing of the MiCA-compliant Eurite (EURI) stablecoin, just two days after its official launch.
Starting August 28, Binance will introduce spot trading pairs for EUR/EURI and EURI/USDT, as stated in the announcement. Users can begin depositing EURI stablecoin ahead of the trading launch, while withdrawals for the stablecoin will be available starting August 29.
EURI, a bank-backed stablecoin, was launched on Saturday by Luxembourg-based payments institution Banking Circle. The stablecoin adheres to the EU’s Markets in Crypto Assets Regulation (MiCA).
EURI represents Banking Circle’s first e-money token and is recognized as the “first MiCA-regulated stablecoin issued and backed by a bank.”
At the launch event, Banking Circle highlighted that Eurite will initially be available on Binance, with CoinUT Switzerland AG to follow, and additional exchanges are expected to join in the near future.
“The introduction of EURI lays a robust foundation for Banking Circle, enabling us to launch future stablecoins and tokenized money, offering greater choice and flexibility for the market,” stated Daniel Lee, Head of Web 3 at Banking Circle.
Additionally, Binance noted that Eurite holders have the right to redeem their stablecoins at any time at par value. This implies that users can request Banking Circle to redeem the stablecoin at 1 EUR for 1 EURI whenever they choose.
The minting and burning of the stablecoin are managed by the Fireblocks Tokenization Engine, utilizing its secure Multi-Party Computation (MPC-CMP) technology.
Binance Launches “Zero Fee Promotion” for EURI Trading Pairs
In a related update, Binance also announced a fee waiver for users trading EURI pairs during a promotional period. The ‘zero fee promotion’ begins on August 28 and will continue until further notice.
Currently, these new trading pairs are available exclusively within the EU region. Countries such as Canada, the USA, Cuba, Japan, Iran, and others are restricted from accessing these spot trading pairs, according to the exchange.
