The Malta-based crypto company Stasis has launched a new digital currency project called EURS which it says will combine the vast potential of the cryptocurrency market with the stability and reliability of traditional currencies.
The new token will be pegged at a 1:1 level against the Euro. Stasis says this will curb the extreme volatility inherent to many cryptocurrencies and entice the professional investor to enter the market, bringing cryptocurrencies into the mainstream.
It says the collateralized stablecoin is designed to become the backbone of the crypto-economy.
Speaking to the media, CEO and founder of Stasis, Gregory Klumov said that there was considerable demand from institutional investors for such a stablecoin:
We received a lot of interest from institutional investors – these want transparency and security first and foremost. There are also those investors who want to reduce the volatility of their portfolios and are looking for a stable coin to do so.
EURS was developed to address the growing demand from European institutional investors towards cryptocurrencies and the company believes other major cryptocurrency exchanges will follow suit in upcoming months.
STASIS will bring a liquidity cushion to the markets, as EURS market depth potential is incomparably wider than of any regular crypto-asset. It utilizes the Ethereum blockchain and will allow investors to tokenize any form of financial assets.
The company is based in Malta and has actively collaborated with the Maltese government on cryptocurrency legal frameworks since 2012.
The stablecoin was available for purchase on the London-based exchange DSX from early July.