STASIS EURS Launches As A Euro-backed Stablecoin Cryptocurrency
STASIS, the fully compliant blockchain platform that lets investors tokenize any financial asset, has announced the launch of EURS, a stablecoin backed by the Euro.
STASIS has designed EURS specifically to satisfy growing demand on cryptocurrencies from European institutional investors.
By investing in EURS, investors have access to a trustworthy product during periods of excessive volatility and speculation in the cryptocurrency markets combined with the additional ability to seamlessly transfer off-chain assets in the blockchain and back again. Investors achieve this with dramatically reduced counterparty risk, as a result of the platform's transparent and vertically integrated network of partners.
The order volume is projected to reach $500 million by year's end and will instantly make EURS the world's #1 verified and fully collateralized stablecoin.
Why EURS Is A Stablecoin
EURS Token, built on Ethereum's streamlined EIP-20 standard, is the first stablecoin backed 1-for-1 by the Euro with reserve balances verified and posted to the public by one of the Big Four accounting firms.
Secured by the Ethereum blockchain technology, EURS leverages it to travel between wallets. However, users do not necessarily need Ether to carry out a transaction, if it originates from a STASIS wallet app.
It is the first cryptocurrency to release the most advanced 3-level asset verification process. Weekly verification, combined with daily statements by the liquidity providers give unprecedented continuous transparency of reserved assets. This is the most rigorous and transparent verification process of any stablecoin currently available in the market.
EURS will be available for exchange on the London-based exchange DSX since 04 July. Other major cryptocurrency exchanges will follow in upcoming months.
Stablecoins are a multi-billion dollar market that will only accelerate in growth exponentially once institutional cryptocurrency traders and cryptocurrency hedge funds will enter the market, seeking cryptocurrency assets that mitigate volatility and risk.
EURS is perfectly positioned to this end. It is fully compliant with all existing European regulatory requirements, with a strong focus on AML and KYC, and its partnership with KPMG ensures the highest levels of trust and transparency also when compared to other existing stablecoins.
According to regory Klumov, STASIS CEO, EURS bridges the gap between traditional finance and the cryptoeconomy,” says Gregory Klumov, STASIS CEO.
STASIS is backed up by a team of cryptocurrency pioneers, quantitative experts, serial entrepreneurs and financial professionals that provide the synergetic background to stable coin platform. Anatoliy Knyazev, CTO at STASIS, is a co-founder of Bitcoin Fund that was set up in 2012, the world's first ever legal entity securitizing digital assets and the best ever YoY performing fund, according to Bloomberg.
This unique set of skills has enabled STASIS to collaborate with the government of Malta since 2011. The team has also been involved in the development of AIFC, an international financial hub in Kazakhstan. Gregory Klumov, CEO and founder of STASIS, is a recognized asset manager, specializing in setting up of alternative investment financial strategies.
STASIS is based in Malta and is working towards obtaining a licence under Malta's recently released regulatory framework related to distributed ledger technologies (“DLT”), making Malta the first country in the EU to issue regulation related to this industry.
The Government of Malta has been working diligently and progressively to provide legal certainty to an industry that is currently unregulated”, says Hon. Silvio Schembri, Minister within the office of the Prime Minister responsible for Financial Services, Digital Economy and Innovation.
By using the STASIS platform, investors can transact freely between any registered security such as stocks, bonds, and treasury bills, and EURS without the need of a banking intermediary. Given that banks have been reluctant to serve the crypto industry at large, this first-of-its-kind flexibility provides a solution by decentralizing payments and moving away from banking intermediaries.