e-Money’s Stablecoin eEUR Listed on Osmosis
e-Money A/S is a Danish FinTech company. It is known for providing a blockchain-based payment platform. e-Money announced that its stablecoin eEUR became the first to be listed on Osmosis, a hub-based AMM platform.
The listing of eEUR on the decentralized AMM platform, Osmosis, will ensure that users join the DEX (decentralized exchange). Through this, users will be encouraged to transact using their local currency. Clients in the European region will feel motivated to use the platform. This is because the users are now dealing in a currency they are already familiar with.
The newly emerged stablecoin market has seen tremendous growth. As per statistics, the Ethereum based stablecoins have touched the aggregate market value of $6.25 billion in 2020. This was a 95.38% increase from the previous year. Most stablecoins in the market are either algorithmic or collateral-backed with associated weaknesses. e-Money’s stablecoin, eEUR, is unique as it tries to address these weaknesses by:
- Being backed by government banks and bank deposits
- Supporting major global currencies and offering a multi-currency support
- Offering positive and negative interest rates
- Offering immediate settlement capability on e-Money chain
- Having negligible transaction charges
- Providing quarterly Ernst and Young audits to maintain transparency in the system.
Osmosis and e-Money are working on their shared vision of a community-backed Decentralized Finance (DeFi) platform that will provide financial services and products to the masses.
Osmosis is a blockchain-based Automated Market Maker (AMM) protocol. The protocol is used mainly by liquidity providers to enable users to swap cross-chain assets. It also provides liquidity for the IBC-enabled assets by Cosmos within the Cosmos ecosystem.
The e-Money protocol issues interest-bearing currency-backed stablecoins. It ensures transparency with quarterly audits. It supports instant payments and currency exchange.