Binance Adds MiCA-Compliant Eurite Stablecoin

Binance has officially listed Eurite (EURI), a MiCA-compliant stablecoin, just two days after its launch. The Luxembourg-based Banking Circle, which developed the stablecoin, announced that EURI complies with the European Union’s Markets in Crypto Assets Regulation (MiCA). As the first MiCA-regulated stablecoin backed by a bank, EURI offers an option for euro-denominated digital currency fully compliant with new European regulations.

According to Binance’s announcement on Monday, spot trading for EURI will begin on August 28, with the launch of trading pairs EUR/EURI and EURI/USDT. Binance users can deposit the stablecoin in preparation for trading, while withdrawals will be available starting Aug 29.

Banking Circle’s EURI Launch Details on Binance

Banking Circle’s EURI stablecoin is positioned as a significant entry into the regulated crypto market. The payments bank said it launched EURI on Saturday, with Binance being the first exchange to offer the stablecoin. Additional exchanges, including CoinUT Switzerland AG, are expected to follow.

“The launch of EURI establishes strong foundations and functionality for Banking Circle that will enable us to launch stablecoins and tokenized money in the future, providing more choice and optionality for the market,” said Daniel Lee, Head of Web 3 at Banking Circle. According to the exchange’s announcement, holders of Eurite have the right to redeem the stablecoin at any time at par value, equivalent to 1 EUR per 1 EURI.

The Fireblocks Tokenization Engine handles EURI’s minting and burning processes. It utilizes Multi-Party Computation (MPC-CMP) technology for secure management.

To support the launch of EURI, Binance announced a zero-fee promotion for the new trading pairs, starting on Aug. 28. The promotion will continue until further notice. Binance emphasized that this offer is currently available only to users within the European Union. Certain countries, including the United States, Canada, Cuba, Japan, and Iran, are restricted from accessing these trading pairs.

Banking Circle indicated that Eurite’s debut on Binance is just the first step in expanding the stablecoin’s availability, with more exchanges to follow.