Copenhagen, Denmark, September 13, 2021 / PRNewswire / – e-Money today announced the integration with Algorand to support a range of fully secured European stablecoins across the Algorand ecosystem, including eEUR, eCHF, eNOK, eSEK and eDKK. Stablecoins – digital currencies designed to maintain stable value by pegging them to a fiat currency or other exchange-traded commodity – have grown in popularity significantly due to the demand for stable-priced assets in the fast-growing crypto capital markets.
This integration will enable faster time to market for applications that are based on Algorand and want to offer native currency options to users everywhere Europe and promote the adoption of Algorand-based applications among European users as they are familiar with the currency. These Algorand-compliant European stablecoin offers are not only available directly via e-money, but will also be listed on several decentralized exchanges in the coming days, which further increases the supply in circulation.
European stablecoins are fully secured with e-money and secured with actual bank deposits and government bonds at commercial banks. What is unique is that e-money’s currency-backed stablecoins each use a dynamic link that tracks the underlying interest rate, meaning stablecoin holders can benefit from accrued interest on their assets, even if they are just sitting in a user’s wallet. In addition, e-Money’s services operate in full compliance with AML / CTF legislation, and the platform is transparent and audited quarterly by Ernst & Young.
“We are excited to bring e-money stablecoins into the Algorand protocol. We are already seeing a number of exciting projects being built on Algorand and expect this development to continue at an accelerated pace. E-money will establish itself as an ecosystem. ” partner on Algorand projects that interact with real economies, expanding our user base and strengthening our position as the leading issuer of trusted European stablecoins. “- Martin Dyring-Andersen, E-money founder and CEO.
“Interest in stablecoins is booming and it’s great to add e-money offerings to the fiat-backed assets already floating around on Algorand such as QCAD backed by Canadian fiat and BRZ backed by Brazilian real,” said David Markley, Director of Business Solutions at Algorand. “Integration with e-money will expand general access to the Algorand ecosystem and help accelerate European market growth for many of the innovative and useful protocols on the network, from DeFi solutions to NFT marketplaces and beyond.”
The e-money protocol is designed to issue a number of interest-bearing, currency-covered stablecoins that reflect various world currencies. Each token is backed by a reserve of assets denominated in the underlying currency. E-money currently supports the euro (EUR), Swiss franc (CHF), Swedish krona (SEK), Norwegian kroner (NOK) and Danish kroner (DKK) with a variety of additional currencies to be released year-round. The project is dedicated to total transparency with quarterly reserve checks of serious.
Unlike most existing stablecoins, which aim to maintain a static 1: 1 association with their underlying assets, the value of e-money’s currency-backed tokens continually shifts according to the interest accrued on currency reserves. This means that the owners can take advantage of the interest accrued on their assets while they are safe in your wallet. The e-money blockchain supports large-scale instant payments and includes a DEX for easy conversion between currencies. e-Money has already integrated with Ethereum and is expected to be integrated with Binance Smart Chain, Cosmos Hub, Avalanche, Polygon and Elrond in 2021.
About Algorand, Inc.
Algorand builds the technology for the future of finance (FutureFi), the convergence of traditional and decentralized models into a uniform, integrative, smooth and secure system. Founded by a Turing Award-winning cryptographer Silvio Micali, Algorand has developed a blockchain infrastructure that provides the interoperability and capacity to handle the transaction volume required by Defi, financial institutions and governments for a smooth transition to FutureFi. As the technology of choice for more than 700 global companies, Algorand enables the easy creation of next generation financial products, protocols and value sharing. For more information, visit www.algorand.com.
Shalini wood, CMO e-money