Teemu Päivinen, founder and CEO of Equilibrium Labs, has introduced particulars on the upcoming launch of a stablecoin that may assist facilitate cross-border transfers within the European Union (EU). EUROe is the primary absolutely licensed stablecoin challenge within the EU that’s regulatory compliant and pegged to the fiat euro.
The upcoming stablecoin challenge is the brainchild of the Web3 infrastructure crew Equilibrium Labs. It was initially developed as a euro-pegged stablecoin for the intra-project technical operations required for its improvement. For the reason that crew was based mostly within the EU, they wanted a euro-pegged asset. The crew couldn’t use US dollar-pegged stablecoins or foreign-regulated euro belongings.
With the emergence of the invoice to manage cryptocurrencies MiCA, Equilibrium Labs moved on to create a pioneering MiCA compliant asset based mostly on the euro. The crew has raised €2 mln in seed funding from Helsinki-based Maki Ventures and goals to introduce EUROe as quickly as early 2023.