Firm behind popular US dollar stablecoin to launch Euro Coin

By KEN SWEET
AP Business Writer

NEW YORK (AP) — The cryptocurrency company Circle says it will start issuing its first euro-denominated cryptocurrency, a stablecoin known as Euro Coin, later this month. It would be the first stablecoin in euros backed by a large player in the industry and could potentially become a major conduit for moving cryptocurrencies throughout Europe. A stablecoin is backed by hard assets and acts as a bridge between traditional financial services like banks and those who want to invest or lend in cryptocurrency. The announcement Thursday comes at a time of major declines in the value of cryptocurrencies like bitcoin, which has led to crypto firms to fail and erase billions of dollars of digital wealth.