It is not surprising that new alternatives arise once disputes about Tether (USDT) continue to circulate. A Maltese company has released a Euro-backed stablecoin, dubbed EURS, and is looking for a local license.
Maltese financial tokenization network Stasis is the one that released EURS – a new stablecoin model developed on the basis of Ethereum’s EIP-20 protocol, which is said to be backed at a 1: 1. The coin is already listed on London’s cryptocurrency exchange DSX. According to Stasis, it is expected the orders for EURS to register $ 500 million by the end of 2018.
The company claimed that EURS was mainly developed to meet the growing demand for crypto assets from European investors. “EURS bridges the gap between traditional finance and the cryptoeconomy,” explained Gregory Klumov, Stasis CEO, adding that “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.”
Additionally, Stasis is looking to obtain a Maltese license so its activities will be in line with the new regulatory framework. As previously reported by Coindoo, Malta adopted three bills that support cryptocurrency businesses based on the island. These restrict market manipulation and inaccurate advertisings or ICO whitepapers.
“The Government of Malta has been working diligently and progressively to provide legal certainty to an industry that is currently unregulated”, claimed Silvio Schembri, the Maltese minister in charge with Financial Services, Digital Economy and Innovation. “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 licence 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,” he added.