Polygon and European Companies Cooperate to Launch Regulation-Compliant Stablecoin ‘EUROe’
On the 13th of this month, Polygon (MATIC), a crypto asset (virtual currency) project, declared the launch of a European-compliant stablecoin called “EUROe”.
The purpose of EUROe is to provide businesses with a secure option for making international payments without involving third parties. The scope of its utilization is mainly in the fields of AI and data.
What is a stablecoin?
Cryptocurrencies have been created whose worth is supported by either real money or virtual currency, or whose cost is regulated by calculations.
EUROe is being created in alliance with Membrane Finance from Finland and deltaDAO from Germany. It will be deployed on the GEN-X network constructed by deltaDAO and Polygon, which is a part of Polygon’s Supernets program. Furthermore, this news release declares that it will also be available on the experimental GEN-X test network.
EUROe can be employed as digital currency in both private blockchains and non-blockchain settings. With EUROe, companies involved in the network will have the ability to buy services such as artificial intelligence (AI), data and infrastructure at a lower cost and with faster delivery than traditional payment systems.
Kai Meinke, one of the co-founders of deltaDAO, made a statement in response to the declaration:
By releasing EUROe onto the GEN-X network, we are one step closer to our goal of building a seamless, frictionless digital economy.
Participants in the network will have an edge over platforms that use disjointed payment methods.
EUROe is officially authorized by regulatory organizations and can be exchanged for Euros at a rate of 1:1. Additionally, Membrane Finance will handle the funds.
Rebecca Rettig, the chief policy officer at Polygon Labs (the company behind Polygon), declared that adhering to regulations would be advantageous for both the industry and the advancement of the technology.
A general description of the technology
Polygon Supernets is a tool that creates blockchains tailored to particular applications. As stated previously, the GEN-X network has been designed with Polygon Supernets specifically for use with “Gaia-X”.
Gaia-X is an initiative from Europe that focuses on AI and data infrastructure. It employs the “Ocean Protocol” to enable data sharing, and includes more than 365 entities spanning various industries such as finance, energy, and agriculture.