Malta-based cryptocurrency company Stasis is aiming to combine the cryptocurrency market’s flexibility with the reliability of traditional currencies. According to the Stasis website, the company’s new coin, EURS, is advertised to be a “collateralized stable coin designed to become the backbone of the crypto-economy.”
Like other stablecoins, EURS hopes to combat price volatility by keeping its value pegged to the value of a fiat currency. In EURS case, the coin will maintain a 1:1 ratio with the Euro. Stasis expects that EURS compatibility with the traditional financial system will provide a number of benefits to token holders.
This tokenized version of the Euro will hopefully not undergo the extreme volatility that is common among most other cryptocurrencies. This will in turn attract more willing investors from mainstream markets.
How Does EURS Work?
EURS token holders will be assigned STSS accounts by Stasis. These accounts feature daily statements and quarterly verifications by a Big Four company.
STSS accounts are “transparent by design,” and feature on-demand solutions to acute liquidity needs. The Stasis website reads:
“Most prospective cryptocurrency holders are subject to considerable counterparty risk, extreme volatility of the cryptocurrency markets, and liquidity shortages. With EURS we aim to improve this situation.”
The Stasis team is made of numerous IT and finance experts. In addition, the company is being advised a number of third-party professionals with international experience in investment, asset management, legal, accounting , regulatory and business development. The company is founded by Gregory Klumov and Vyacheslav Kim.
Stasis is aiming to make the EURS token available to financial institutions and investors on all major cryptocurrency exchanges.
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