Steblecoin issuer e-Money operating in the Cosmos (ATOM) ecosystem has decided to stop issuing the Euro-based stablecoin EURR. According to the statement made on the Medium site of the project the other day, as of March 6, 2023 EURR export will stop completely.
In the statement, the developers explained why they decided to shelve the EURR project for two reasons:
- Real-life applications of blockchain technology are still not common. This results in low demand for non-USD stablecoins.
- The work of the European Union and MiCA on the crypto sector seems to pose great obstacles to Euro-backed stablecoins.
According to the statement, market participants using EURR can hold their stablecoins with OSMO or OSMO until March 6, according to the statement. ATOM will have the opportunity to exchange it with cryptocurrencies such as
🚨Important Announcement: EEUR Stablecoin Unwind🚨
e-Money A/S has decided to cease business of its EUR backed stablecoin
➡️All stablecoins remain fully backed and can be redeemed. Read our Medium post & select one of the listed redeem options ⬇️https://t.co/1yneUFrD7U
— e-Money (@emoney_com) January 9, 2023
Authorities reminded once again that user verification is required for transactions over 100,000 euros.
What is e-Money?
The initiative, which came to life within the Cosmos (ATOM) ecosystem in 2017, created its own network in 2020. Developers have previously worked with large organizations such as the FSA and Ernst & Young. “compatible with negative interest rates” worked to develop a stablecoin model.
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