DeFiChain, a decentralized Proof-of-Stake blockchain on the Bitcoin network, has announced the debut of the Euro-backed stablecoin Euro Coin (EUROC) on its native blockchain.

As per the announcement, DeFiChain plans to provide EUROC with the same support as USDT and USDC coins. This means that Cake DeFI will act as a custodian and be responsible for issuing dEUROC, a dAsset representation of the stablecoin.

Users can reportedly use the dEUROC as an investment asset for liquidity mining to earn rewards or trade it on the DeFiChain DEX. The Full rewards became available on Block #2,772,200 at about 10 AM UTC on March 20th. The dEUROC-DFI will get 0.74% of the crypto block rewards, while the dEUROC-dUSD pair will get 5% of the dAsset block rewards. In addition, users can transfer the stablecoin from Ethereum to DeFiChian and vice versa using the Quantum Bridge.

While commenting on the integration, Andreas Osberghaus, aka mrgrauel, a community member, explained:

“Having a Euro stablecoin on DeFiChain has been a long-standing desire within the community, aiming to simplify the entry process for new users from the Eurozone. That’s why I decided to set up a DFIP (DeFiChain Improvement Proposal). Now, no one is forced to convert to US dollars or take on currency risk any longer.”

Andreas created the DeFiChain Improvement Proposal (DFIP) that brought EUROC to DeFiChain. The proposal received 96.51% approval votes from the 1862 community members who participated. 

There has been a growing demand for Euro-backed stablecoins within the crypto space. The integration makes DeFiChain one of the first blockchains to integrate a Euro-backed stablecoin fully. The EUROC is designed to maintain a 1:1 ratio with the Euro. This integration is aimed at helping bring more liquidity to the DeFiChian DEX while improving user experience, especially for European users. 

Through EUROC, users can move Euro liquidity on-chain and make and accept global euro payments. Users can trade, lend, borrow, and more within the crypto market. 

Created as a hard fork of the Bitcoin network, DeFiChain’s vision is to bring DeFi to the Bitcoin network. The blockchain is dedicated to fast, transparent, intelligent decentralized financial services. The blockchain has become popular for offering decentralized loans and assets, liquidity mining, and staking services. 

In the coming days, the team behind the project plan to add a gateway between crypto and fiat, DFX Swiss, which will enable easy Euro to EUROC on-ramp for users within the DeFiChain ecosystem.