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Breaking news: Ethereum Developer Virgil Griffith Pleads Guilty to Conspiracy Charge in North Korea Sanctions Case

E-Money’s Stablecoins to Become Available on Algorand

Algorand will now support e-Money’s range of stablecoins, including those pegged to the euro (eEUR), Swiss franc (eCHF) and Swedish krona (eSEK).

Sep 13, 2021 at 11:10 a.m. UTC
Updated Sep 13, 2021 at 2:53 p.m. UTC

Stablecoin issuing protocol e-Money will connect to Algorand, making its European currency-based stablecoins available on that blockchain.

  • Algorand users will have access to European stablecoins, including those pegged to the euro (eEUR), Swiss franc (eCHF) and Swedish krona (eSEK), according to an announcement Monday.
  • E-Money said Algorand’s support will enable applications offering native-currency options throughout Europe to be built faster and scaled more quickly.
  • The stablecoins issued by e-Money are backed by deposits and government bonds held at commercial banks, utilizing a dynamic peg to track the underlying interest rate to allow users to accrue interest.
  • The integration also expands the suite of stablecoin support available in the Alogrand ecosystem. Besides U.S. dollar stablecoins USDC and USDT, fiat-backed assets pegged to the Canadian dollar and Brazilian real are also in circulation on the network.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Jamie Crawley is a CoinDesk news reporter based in London.

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