EURS aims to become a cryptocurrency alternative to the euro and fiat currencies which, unlike other cryptos, can count on a link with the currency and does not fluctuate in terms of price.
Stasis proposes EURS coin based on the Ethereum blockchain: Leggi qui l’articolo in Italiano
STASIS Managing Director Gregory Klumov together with the President of the Republic of Malta, Marie-Louise Coleiro Preca, carried out the first transaction of the new stable coin linked to the euro.
The exchange rate is one to one, as is the case for Tether with the US dollar.
And just like Tether, the stable coin created by STASIS adopts an anti-volatility mechanism.
How does the stable coin linked to the euro work
The advantages offered are the same as those of a cryptocurrency but without the dangers of volatility.
When a customer sells a euro, he gets an EURS coin based on the Ethereum blockchain in return and the transaction is carried out without a bank playing the role of mediator.
The peg with the single currency is fixed and stability will be assured by a trading algorithm designed precisely to maintain price equilibrium.
STASIS promises absolute transparency.
The EURS community will be able to keep itself informed about the tax balance sheet and activities of STASIS by consulting the results of the audits carried out by a team of accounting experts.
The stable coin, in short, exploits the advantages of two money systems at the opposite ends of the spectrum: it is as solid as the euro fiat and, at the same time, allows permissionless, rapid and economically advantageous transactions, as for any cryptocurrency exchanged on the blockchain.
Cutting-edge Malta
Speaking of the revolutionary crypto technology, in his speech at the Malta Chamber of Commerce where the stable coin was launched, Klumov said that “we will have a team that will work on our own blockchain“.
For the time being there are no economic benefits, however, STASIS intends to continue to use the Ethereum protocol, “the safest transaction network ever created on this planet,” according to Klumov.
The first official operation with the “Euro crypto” was also attended by the President of Malta which was nicknamed “Blockchain Island” for its legal framework favourable to the world crypto.
Just one day before the launch of EURS, the Maltese Parliament approved the second reading of the three draft laws on digital coins and on the blockchain sector.
The three pieces of legislation will thus form the world’s first designated regulatory framework for the crypto industry.
