Since the Euro’s introduction, the currency has been presented with dominant flaws and been in a consistent debate of its strength and endurance between EU state members. A prevalent weakness of the Euro is the usage of one value currency between different EU member states and their economic position, creating a dependency on all economies that cannot be devalued. The criticism of its endurance stems from the artificial process of quantitive easing in keeping its stability within the global exchange. Nevertheless, a currency’s stability that cannot be fully secured, like the Euro, is a prominent strategic error, fuelled by the Euro not having a strong-asset-backed, united economy. The flaw has been argued to have arisen due to the Euro being created to mimic the US dollar’s firm stance and capableness. This leads to another potential threat for the Euro currency and that of, if one country opts to exit, a possible chain reaction result may occur within the banking sector. Private banks and other corporations may result in falling one after the other, creating extreme market speculation and confidence between other EU institutional members.
‘The European Union is still divided via an economic standpoint between members, which in turn is harmful to the EU Citizens’ –
Simone Mazzuca, Founder & Director of EURST
Although opinions may vary, the US economy’s potency is evident, and the USD currency’s organizational base portrays a robust stance even with the recent turmoil of the markets and the Covid-19 pandemic.
With that in mind, the Euro currency speculators have opened the discussion of whether embracing and creating new re-formed regulation for current and future digital technologies such as cryptocurrencies and the Blockchain operational functions could present as a beneficial step for a more unified state.
Digital currencies that represent countries or states have become very trending topics. This is happening because of Stablecoins. They are effective. EURST is an example for the European economy, but for us EURST is also just the beginning, it’s a taste of what can be done. We aspire to build the system and to unify the people.” – Simone Mazzuca, Founder & Director of EURST
The rise of stablecoins come at no surprise, presenting an increased supply by around 322% in 2020 to hit $ 24.8 billion from $ 5.9 billion. Furthermore, the development of Stablecoins came at the right time, especially when international financial policies seem to be polarized by different economic variables and the inflationary nature of the Fiat. Unlike the common spectacular price moves of Bitcoin and Ether’s alikes, the ‘stable’ nature of Stablecoins present a vast number of advantages and facilitate growth within the crypto ecosystem.
This is why Simone Mazzuca created EURST, a live audited asset-backed stablecoin. Presenting the 1st largest USD-backed stablecoin in the world. Set to launch in mid-April, the newly developed digital currency from Wallex Trust presents 1€ worth of USD, secured by the accounts of the Federal Reserve and Wallex Trust itself.
‘We are very excited about the launch and to present new opportunities for a Better Economy. EURST can be used as a logistical background for the representation of the Euro, this is very exciting.’
– Simone Mazzuca, Founder & Director of EURST
Issued as a token on the Ethereum network according to the well-established ERC20 standards, the advanced capabilities of blockchain technology enables users to conduct faster and more secure transactions. This is enabled through smart contracts, which digitize deposited funds that are held in a segregated account by the issuer. Thus, empowering users to transact their money without the high costs and lengthy delays of the current financial system. What is more, blockchain technology enables EURST to be fully transparent and live audited as transactions are recorded on the digital ledger, in addition to having regular third-party audits. Presenting transparency and security, the advantages of EURST do not stop there, as users can store their funds within a trusted Custodian, Wallex Custody. By opening an account within Wallex Custody, users can benefit from additional security and privacy while maintaining fluidity in their deposits, transfers and withdrawals of personal funds, which are convertible to any currency of their choice.
Another strong aspect of EURST is seamless integration of the EURST Stablecoin within any payment system. Similar to how Paypal has started accepting cryptocurrencies as a form of payment, EURST is compliant with all payment systems and payment gateways, providing an easy and secure use of the coin.
The usage of EURST enables a full spectrum of possibilities and opportunities highlighting the dominant features to be:
- The protection of wealth regarding losing value within the Euro currency, thus using the Stablecoin to save money without opening a bank account in Europe.
- Compliant to be integrated in payment systems and payment gateway systems
- Users may use EURST instead of Fiat when depositing funds to cryptocurrency exchanges for the use of trading.
- Oversees workers may use EURST to bypass the expensive transfer feeds charged when making fiat remittances to their family back home.
Following the advantages mentioned above, it is no surprise innovators and regulators have sparked interest within Stablecoins in the crypto industry. Even more, central bankers see the success of Stablecoins and the positive impact they have on regional economies. Indeed, EURST does portray the potential of a renewed form of the Euro currency, bringing opportunities, security, visibility and operational functions beneficial for individuals and businesses. It is, therefore, the launch of EURST is highly anticipated and one to keep an eye out.
- Company Name: Wallex Trust
- Address: 333 East 46th Street #1D, New York, NY 10017, USA
- Website: www.eurst.io