Malta’s Cryptocurrency-Outfit STASIS to Launch Euro-Pegged Stablecoin EURS
With growing cryptocurrency regulations across the globe, businesses are shifting their base to the crypto-friendly nation Malta. Currently, the country passed three cryptocurrency bills to spearhead crypto-related activities taking place in the nation.
Recently, one of the cryptocurrency firms STASIS announced the launch of a new stablecoin EURS which will be pegged 1:1 with the Euro and is built using the Ethereum ERC-20 protocol. The launch of this project took place at the same time when Maltese Prime Minister Joseph Muscat announced the three cryptocurrency bills.
CEO and founder of Stasis, Gregory Klumov said that looking to a massive institutional demand, the company decided to launch the stablecoin project. The EURS is already being traded on the London-based cryptocurrency exchange DSX and the company expects the order volume to reach $500 million by the year end.
Klumov said: “EURS bridges the gap between traditional finance and the cryptoeconomy. While cryptocurrency trading is currently dominated by individual and retail investors, STASIS and EURS will pave the way for institutional investors to enter the game and begin allocating capital – that’s what’s needed to take the industry to surpass the trillion dollar mark.”
The demand for fiat-pegged stablecoins is rising as the investor doesn’t always need to under the tedious process of crypto-to-fiat conversions and vice versa while buying/selling other cryptocurrencies. Moreover, being tied with the value of the fiat stablecoin provides a trustworthy haven for investors in case of market volatility.
Blockchain platform STASIS allows investors to tokenize any form of financial assets. The crypto firm is also seeking license under Malta’s recently formed regulatory framework. STASIS provides its customers with the facility of easy transition between off-chain and on-chain types of digital assets.
Silvio Schembri, the Maltese minister responsible for Financial Services, Digital Economy and Innovation said: “The Government of Malta has been working diligently and progressively to provide legal certainty to an industry that is currently unregulated.”
He further added: “We therefore welcome any blockchain initiatives such as STASIS that while being innovative, will still respect and encourage compliance and we look forward to the company applying for a license under our DLT regulatory framework. The Government of Malta wants to create an environment conducive to the development of the blockchain ecosystem that will make Malta the natural destination for businesses operating in this field.”