e-Money Announces Integration with the Algorand Blockchain to Accelerate the Circulation of European Stablecoins
COPENHAGEN, Denmark, Sept. 13, 2021 /PRNewswire/ — e-Money today announced it is integrating with Algorand to support a range of fully backed European stablecoins across the Algorand ecosystem, including eEUR, eCHF, eNOK, eSEK, and eDKK. Stablecoins–digital currencies designed to maintain stable value by being linked to a fiat currency or other exchange-traded commodity–have grown substantially in popularity, driven by demand for price-stable assets in the fast growing crypto capital markets.
This integration will enable faster time-to-market for applications built on Algorand looking to offer native currency options to users throughout Europe and drive adoption of Algorand-based applications among European users given currency familiarity. In addition to being available for purchase directly from e-Money, these Algorand-compliant European stablecoin offerings will be listed on several decentralized exchanges in the coming days, further increasing the supply in circulation.
With e-Money, European stablecoins are fully collateralized, backed with actual bank deposits and government bonds held at commercial banks. Uniquely, e-Money’s currency-backed stablecoins each utilize a dynamic peg that tracks the underlying interest rate, meaning that stablecoin holders benefit from accrued interest on their assets even when just sitting in a user’s wallet. In addition, e-Money’s services operate in full compliance with AML/CTF legislation, and the platform is transparent, undergoing a quarterly audit by Ernst & Young.
“We’re excited to be bringing e-Money stablecoins to Algorand protocol. We already see a number of exciting projects being built on Algorand and expect this development to continue at an increased pace. By joining the Algorand ecosystem, e-Money will establish itself as a go-to partner for Algorand projects interacting with real-world economies, thereby expanding our user base and strengthening our position as a leading issuer of trustworthy European stablecoins.” — Martin Dyring-Andersen, e-Money Founder & CEO.
“Interest in stablecoins is booming, and it’s great to add e-Money’s offerings to those fiat-backed assets already circulating on Algorand, like QCAD, backed by Canadian fiat and BRZ, backed by the Brazilian Real,” said David Markley, Director of Business Solutions at Algorand. “Integrating with e-Money will expand overall access to the Algorand ecosystem and help accelerate European market growth for many of the innovative and useful protocols on the network, from DeFi solutions to NFT marketplaces and beyond.”
The e-Money protocol is built for the issuance of a range of interest-bearing currency-backed stablecoins reflecting various world currencies. Each token is backed by a reserve of assets denominated in its underlying currency. e-Money currently supports the Euro (EUR), Swiss Franc (CHF), Swedish Krona (SEK), Norwegian Krone (NOK), and the Danish Krone (DKK) with a host of additional currencies pegged for release throughout the year. The project is dedicated to total transparency with quarterly reserve audits performed by Ernst & Young.
Unlike most existing stablecoins which aim to maintain a static 1:1 peg with their underlying assets, the value of e-Money’s currency-backed tokens continually shifts in line with the interest accrued on the reserve assets. This means that holders benefit from the interest accrued on their assets while they sit securely in your wallet. The e-Money blockchain supports instant payments at scale and includes a DEX for easy conversion between currencies. e-Money has already integrated with Ethereum and expects to integrate with Binance Smart Chain, Cosmos Hub, Avalanche, Polygon, and Elrond in 2021.
About Algorand, Inc.
Algorand is building the technology to power the Future of Finance (FutureFi), the convergence of traditional and decentralized models into a unified system that is inclusive, frictionless, and secure. Founded by Turing Award-winning cryptographer Silvio Micali, Algorand developed a blockchain infrastructure that offers the interoperability and capacity to handle the volume of transactions needed for defi, financial institutions and governments to smoothly transition into FutureFi. The technology of choice for more than 700 global organizations, Algorand is enabling the simple creation of next generation financial products, protocols and exchange of value. For more information, visit www.algorand.com.
Shalini Wood, CMO e-Money
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