POLY

Euro Stablecoin Launched on GEN-X Network Powered by Polygon

The EUROe stablecoin is the main settlement token for GEN-X network, built with Polygon Supernets.

BSCN

March 13, 2023

EU-Regulated EUROe Stablecoin

The first digital euro blessed by European Union regulators has launched on GEN-X network, a Web3 ecosystem built with Polygon Supernets for the European AI and data infrastructure project Gaia-X.

Backed 1:1 by fiat euros or equivalent, the EUROe stablecoin is the main settlement token for GEN-X, streamlining the cross-border settlement process and reducing risk and the involvement of third-party payment providers. EUROe is the product of a partnership between Finnish fintech company Membrane Finance and German Gaia-X integrator deltaDAO.

“Europe must overcome the imbalances of its current market and be more digitally competitive to compete on the world stage. Integrating EUROe into the GEN-X network brings us one step closer to creating a seamless and frictionless digital economy,” deltaDAO Co-Founder and Business Lead Kai Meinke said in a blog post.

The cloudy regulatory environment for crypto in the U.S. has increased demand for non-USD stablecoins, including tokens pegged to the euro.

“We've seen a surge in the interest in using EUROe as a payment and settlement currency in various data and tokenisation initiatives. Utilising tokenised EURO on-chain, transactions are faster and more cost-effective, providing full finality for payments and transactions,” Membrane Finance and EUROe project CEO Juha Viitala said.

Polygon Labs Chief Policy Officer Rebecca Rettig lauded EUROe as an example of an innovation made possible by “positive regulatory guardrails.”

She said, “GEN-X and the implementation of a regulated, Euro-backed stablecoin is a favorable development in enabling a European data marketplace, which highlights the import of this technology.”

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What is Polygon:

Polygon is a “sidechain” scaling solution that runs alongside the Ethereum blockchain — allowing for speedy transactions and low fees. MATIC is the network’s native cryptocurrency, which is used for fees, staking, and more. The effectiveness of Polygon as an alternative to Ethereum has seen existing projects such as Aave and Curve adopting its chain.

For more about Polygon:

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