An overview of EUR & CHF stablecoins
All traders are familiar with stablecoins pegged to the US dollar, which dominate the cryptocurrency market. However, some traders may prefer to trade stablecoins that are pegged to other currencies, such as the euro or Swiss franc. Let’s go over the types of these assets and the exchanges where they can be found.
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EUR-pegged stablecoins
The European Union's flag
There are numerous stablecoins pegged to the Euro, but the most popular are STASIS EURO, Tether EURt, Euro Coin, and Celo Euro.
STASIS EURO (EURS)
This stablecoin was created using the ERC-20 standard on the Ethereum platform. EURS is a widely-traded asset and can be found on exchanges like Bitfinex, HitBTC, Curve Finance, Indodax, DFX Finance, Kyber Network, Bequant, and others.
With Stasis Euro, users don't need to pay gas fees for transactions. Instead, they can pay in EURS or any other digital asset supported by the STASIS wallet.
The developers claim to maintain transparency of their reserves and to undergo quarterly audits by auditing firms BDO Malta and CertiK. Additionally, they intend to introduce a cryptocurrency payment card to enable commission-free purchases of goods and services within the SEPA (European Union) region.
Tether EURt (EURT)
The Hong Kong-based company Tether decided to issue EURT in addition to the USDT token, which had already established itself as the market's leading stablecoin. EURT only exists in the ERC-20 standard (Ethereum) and as an Omni-token (Bitcoin), unlike its “elder brother” USDT, which is available on all blockchains.
The asset can be found in various currency pairs on many exchanges, including top ones like OKX, Huobi, Bitfinex, Bitstamp, Gate, Curve Finance, Uniswap, BigONE, 4swap, LATOKEN, and others.
Tether claims that all of its issued assets are fully secured by reserves and that reporting is transparent and updated almost daily with the help of BDO, the biggest audit and consulting firm in Europe. Despite this, the Hong Kong firm is under the scrutiny of regulators, who are concerned about the quality and structure of reserves. Tether is periodically required to submit additional reports and evidence of restructuring the collateral structure in order to reduce the share of commercial paper in favor of higher-class investment instruments – A1.
Euro Coin (EUROC)
Circle issues this stablecoin under the same full-reserve model as the US dollar-backed USD Coin (USDC). Euro Coin is entirely backed by fiat euro reserves that are kept in the bank accounts of major financial institutions, including the American banking behemoth BNY Mellon.
This asset is available on a variety of CEX and DEX exchanges, including Huobi, HitBTC, CEX, BitMart, Bitpanda, Bitso, Bitvavo, Curve Finance, DFX Finance, and Uniswap, and is supported by the Ledger, Trust Wallet, and MetaMask wallets.
Regular audits of reserves by Grant Thornton LLP confirm that their volume always exceeds the amount of EUROC in circulation. Control is carried out monthly in accordance with the attestation standards established by the American Institute of Certified Public Accountants (AICPA).
Although Euro Coin is an ERC-20 standard token for Ethereum, its developers hope to eventually add support for other blockchain platforms.
Celo Euro (CEUR)
This euro-pegged stablecoin is marketed as an easy-to-use settlement tool in the world of Web3 and decentralized finance (DeFi) via DEX exchanges.
The asset aims to establish itself as a mobile-first coin, targeting a primarily European youth audience who may have limited access to traditional financial services due to age or lack of credit rating. Celo intends to change this situation. CEUR transfers are quick, affordable, and simple; all you need is a mobile wallet. Similar to the dollar Celo, this euro stablecoin's reserves are made up of a basket of digital assets like BTC and ETH.
Celo Euro is currently available on the platforms Gate, Bitget, Ubeswap, and Symmetric (Celo).
CHF-pegged stablecoins
Switzerland's flag
CryptoFranc (XCHF)
The Ethereum blockchain stablecoin XCHF is based on the ERC-20 standard and is pegged to the Swiss Franc at a 1:1 ratio. The XCHF token is issued by Bitcoin Suisse AG. All XCHF tokens are backed by reserves in fiat Swiss francs held in leading Swiss banks.
Chain Security AG audited and analyzed the XCHF token's smart contract with a variety of tools for automated security analysis of Ethereum smart contracts. The auditor found no critical issues.
CryptoFranc is available on the Uniswap and Capital DEX exchanges, as well as the Mt Pelerin platform. The token is supported by wallets such as MetaMask, Trust Wallet, ONTO, Optimism Wallet, and others.
DeFi Franc (DCHF)
This is yet another asset that has been issued on the Ethereum blockchain platform. DeFi Franc is a cryptocurrency lending instrument. DCHF coins can be obtained by collateralizing ETH and WBTC.
The DeFi Franc Lending Protocol is a friendly fork of the Liquity protocol and its successor. It makes use of the LUSD stablecoin, which serves the same purpose as DCHF.
The DCHF ecosystem enables borrowers to obtain cheap loans in stablecoins with just a one-time fee of 0.5%. The received DCHF coins can be added to a liquidity pool to generate passive income in the form of interest. DCHF is always overcollateralized with ETH and WBTC deposits, ensuring maximum security for the entire ecosystem.
DeFi Franc is available for trading on Uniswap and Curve Finance exchanges and supported by many Ethereum wallets. It's a unique example of a stablecoin that's gaining popularity in the decentralized finance sector.
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