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).

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

Jamie Crawley is a CoinDesk news reporter based in London.

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

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

Trending

1
CoinDesk - Unknown
‘I Don't Follow Trends’: Multicoin’s Kyle Samani on How to Make It in Crypto

The Multicoin Capital founder says to zig when everyone zags, during CoinDesk’s “Future of Work Week.”

CoinDesk - Unknown
2
CoinDesk - Unknown
Meet ‘Frequency,’ Polkadot’s New Decentralized Social Media Parachain

The team behind Project Liberty’s Decentralized Social Network Protocol unveiled the newly named parachain at Polkadot Decoded.

CoinDesk - Unknown
3
CoinDesk - Unknown
DeFi Shouldn't Be Regulated, Crypto Advocates Tell UK Regulator

The advice comes from those who participated in a forum the Financial Conduct Authority held to hear from the digital assets industry.

CoinDesk - Unknown
4
CoinDesk - Unknown
Market Wrap: Bear Market Guides in Vogue as Bitcoin Drops for Fourth Straight Day

BTC was sliding toward $20,000 on Wednesday, as the Bankless newsletter offers mental health tips for surviving a crypto winter.

CoinDesk - Unknown