Stablecoins are becoming increasingly popular in the blockchain industry. One of the main reasons for this is that their value, unlike other cryptocurrencies, is pegged 1:1 to the value of a specific fiat currency. In this article, we will also discuss two famous stablecoins, EURS and USDC. We will compare them and find out their differences and similarities.
Stablecoins Clash Against: EURS and USDC
First, we will consider the EURS. The largest digital asset backed by the euro was introduced by STASIS in 2018. The advantages of the second-most traded currency in the world, the euro, are combined with the efficiency, immutability, and transparency of the blockchain in EURS.
The first stablecoin to provide delegated payments on the Ethereum network is EURS, an ERC/EIP20 token. These improvements significantly enhance the user experience by allowing users to pay transaction fees in EURS or any other digital asset accepted by the STASIS wallet rather than GAS, which they previously had to do in order to send money.
Features of EURS
Currently active on five of the most popular blockchains and more, with more planned for 2023, EURS has the following features that have helped cement user trust over the years:
- Ease of use
- Lack of volatility
- Multiple chain support
- Maximum financial transparency
Furthermore, professional investors can access the cryptocurrency market in a manner that is comparable to how they conduct themselves in traditional financial systems because of EURS’ compatibility with that system.
In other words, by fusing the benefits of blockchain technology with the security of the euro, the EUROS token is specifically made to close the gap between the traditional and digital economies. Since this token already offers a “mass” approach to the cryptocurrency world, making it simpler to use and understand, its innovation potential is huge.
About USDC
A stablecoin, USDC, is pegged to the US dollar. Because USDC operates on the same principle as EURS, it keeps its value constant even when the value of other cryptocurrencies changes. Additionally, while USDC today uses a variety of blockchains, including Solana, Avalanche, Algorand, Cosmos, and others, it initially only operated on the Ethereum (ETH) blockchain.
Although USDC has always avoided security blunders, it recently encountered several issues as a result of Silicon Valley Bank’s shutdown following its bankruptcy. The creator of the Circle stablecoin acknowledged having $3.3 billion locked up with the commercial bank SVB at that time, or precisely in March. This meant that more than 7.5% of USDC’s reserves were no longer accessible, given that the company’s overall market capitalization was roughly $43.5 billion.
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