EURST – the need for asset-backed stablecoins in uncertain times
Several experts consider stablecoins to be the future of cryptocurrencies. As the name suggests, stablecoins are safer and more resilient to crypto volatility than other cryptocurrencies. Some stablecoins are backed by fiat currencies such as USD, or EUR, while others are backed by hard assets such as gold, diamond, oil, etc.
People prefer stablecoins because of their base asset, which helps crypto tokens become more resistant to fluctuations. Also, as a single entity does not rule them, they remain decentralized regardless of being pinned by an asset.
Over time, several blockchain projects have launched their own stablecoins backed by different fiats and hard assets. However, Eurst became the first platform to design a Euro Stable Token to digitize Euro currency and start a crypto transition in the European economy.
EURST – Banking on the Future
EURST is a live audited asset-backed euro stablecoin that provides stability and transparency to its users. The company aims to upgrade the standards of currency exchange in the European economy by introducing a robust stablecoin in the mix.
EURST operates on three principles,
- Transparent: EURST is attested by the best audit technology and live update attestations of the deposits to ensure complete transparency.
- Borderless: EURST provides fast blockchain transactions and easy access in over 100 countries.
- Fully Collateralized: EURST is 100% collateralized and stores all the assets in a secure escrow account.
Stablecoins are inherently safer to trade and store as they are less likely to be manipulated for one’s own benefit. Some of the advantages of stablecoins such as EURO Stable Token are,
Stablecoin makes financial processes faster by using smart contracts. People can make transactions at any hour of the day and transfer or receive funds quickly because of decentralized blockchain technology.
Cross-country transactions are usually expensive using fiat currencies. However, these high transaction costs can be circumvented using stable coins as they are more interoperable and do not levy high transaction fees.
Cryptocurrencies are transparent, anonymous, and borderless, making them the perfect solution for cross-country transfers. Several countries, such as Venezuela, restrict carrying fiat out of the country or transferring internationally in large amounts. Stablecoins are a great alternative as they are not governed by any institution.
All the transactions done using stablecoins are transparent and stored on the blockchain network. Anyone can at any time check these transactions as they are publicly available, improving trust.
All cryptocurrencies are digital currencies that operate using codes. These codes make stablecoins programmable allowing the modification of underlying architecture and protocols. For example, companies built loyalty programs on top of their stablecoins to encourage its usage.
Stablecoins are integrated with APIs to offer more financial services to the users. EURST will create an API for Euro Stable Token that will integrate with various dApps. These APIs make stablecoins more accessible, interoperable, and user-friendly.
EURST is a live audited asset-backed stablecoin that offers ease of use and can be redeemed on the same day for zero fees. It is the world’s first US-based stablecoin that features on the major crypto exchanges.
For more information about EURST and its use cases, visit https://eurst.io/.
Disclaimer: This is a paid post and should not be treated as news/advice.