- Polygon Labs announced the launch of EUROe.
- EUROe is a new digital euro on the GEN-X network.
- The digital euro will help organizations in the ecosystem to conduct light-speed transactions.
Polygon Labs recently announced the launch of the Digital Euro. The digital euro, called EUROe, is based on the GEN-X network.
Smooth settlement of digital transactions #onPolygon We are pleased to announce the launch of EUROe, a digital EURO, on the GEN-X network. The launch of the token will enable lightning-fast digital txn for organizations in the Polygon ecosystem. https://t.co/yWynAhgISM
– Polygon Labs (@0xPolygon) March 13, 2023
The launch is taking place in partnership with deltaDAO and Membrane Finance to make EUROe the primary settlement token. This collaboration will also make EUROe, the only fully-reserved stablecoin regulated by the European Union.
The text of the blog advertisement reads as follows:
The partnership brings the first and only EU-regulated stablecoin into the GEN-X Testnet, the Web3 ecosystem built using Polygon Supernets for Gaia-X participants.
The new stablecoin will enable near-instant settlement of trade transactions. EUROe will allow participants in the Web3 ecosystem to settle transactions for AI services, data and infrastructure on the GEN-X network. The ultimate goal of the launch is to enable portability, transparency, interoperability and data sovereignty.
According to the team, EUROe will also help reduce third-party risk and the need for middlemen, and will make cross-border settlement easier and cheaper. Reportedly, this will allow applications to be integrated into the network seamlessly, promoting a high level of interoperability as users do not have to rely on multiple payment providers.
Guha Vitala, CEO of Membrane Finance and EUROe Project, said:
We have seen an increase in interest in using EUROe as a payment and settlement currency in various data and token initiatives.
Membrane Finance is registered with FIN-FSA as an Electronic Financial Institution (EMI) in the European Union. Each euro can be redeemed for one euro, and for every euro issued, there is at least one euro or its equivalent in a European financial institution or bank.
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