In emerging and unstable economies such as Argentina, small savers or investors choose stronger currencies, such as the dollar or the euro, the second most traded currency worldwide. But, being able to access them has become an almost impossible task.
The first most traded currency in the world is the dollar, but it is important to take into account that it has been suffering a loss of value of approximately 8% per year. And that is why an increasingly popular alternative in our country are digital currencies or stable cryptocurrencies backed by another physical asset (stablecoins) other than the US dollar.
Creation of the EURS
In the ranking of the most chosen digital currencies in Latin America we have Bitcoin, Ether and the stablecoins tied to the dollar, with Argentina being a particularly enthusiastic market in acquiring this last type of digital currency, which represents more than 40% of the acquisitions within of the country, according to figures from CryptoMarket.
In this context, a stable cryptocurrency backed by the euro was launched in 2018: the EURS. This stablecoin was created by the European company Stasis as a digital and secure alternative that maintains the same value as the euro.
With a full reserve approach, each unit of EURS in circulation has a 100% verifiable euro equivalent support and is guarded by trusted financial institutions audited by BDO, one of the top five accounting firms in the world, and thanks to this attribute , is capable of maintaining a stable value 1:1 with fiat or traditional money, which gives people faster and more transparent transactions on the blockchain, which has positioned it as one of the most popular stablecoins within global exchanges.
The CryptoMarket exchange, which has an A+ rating from the Mozilla observatory, has just added the new stablecoin EURS to its offer in Argentina. Fernanda Juppet, CEO of the company, comments: “EURS will provide greater financial stability to users, since they are less susceptible to the price volatility associated with the most popular cryptocurrencies. This encourages more participation in the cryptocurrency market due to reduced risk.”
Gregory Klumov, CEO of the European company STASIS, which has been operating since 2017, explains that “We have a successful record of more than five years and with our project we seek to enable people to enter the digital market using the euro as a gateway. Due to recent banking turmoil (such as SVB, Signature, Credit Suisse) and issues with US dollar-backed stablecoins (BUSD, USDC, and Terra USD), the cryptocurrency community really needs a non-USD alternative that addresses these risks, and to fulfill it there is EURS”, he said.