STASIS announces stablecoin backed by the Euro

Financial tokenization platform STASIS announces EURS which is the first stablecoin built on Ethereum’s streamlined EIP-20 standard that is backed 1-for-1 by the Euro with reserve balances verified and posted daily to the public by KPMG. This is the most rigorous and transparent verification process of any stablecoin available in the market.

EURS is well positioned to become the dominant player in the accelerating stablecoin market, with more than $300 million in pre-launch order bookings. This order volume is projected to reach $500 million by year’s end and will instantly make EURS the world’s #1 verified and fully collateralized stablecoin.

EURS will launch in June on STASIS and on the London-based exchange, DSX.

Most impressively, by using the STASIS platform, investors can transact freely between any registered security such as stocks, bonds, and treasury bills, and EURS without the need of a banking intermediary. Given that banks have been reluctant to serve the crypto industry at large, this first-of-its-kind flexibility provides a solution by decentralizing payments and moving away from banking intermediaries.

“STASIS is based in Malta and is working towards obtaining a licence under Malta’s recently released regulatory framework related to distributed ledger technologies (“DLT”), making Malta the first country in the EU to issue regulation related to this industry. “The Government of Malta has been working diligently and progressively to provide legal certainty to an industry that is currently unregulated”, says Hon. Silvio Schembri, Minister within the office of the Prime Minister responsible for Financial Services, Digital Economy and Innovation. “We therefore welcome any blockchain initiatives such as STASIS that while being innovative, will still respect and encourage compliance and we look forward to the company applying for a licence under our DLT regulatory framework. The Government of Malta wants to create an environment conducive to the development of the blockchain ecosystem that will make Malta the natural destination for businesses operating in this field.”

With STASIS and EURS, investors have access to a trustworthy safe haven during a period of excessive volatility and speculation in the cryptocurrency markets with the additional ability to seamlessly transfer off-chain assets in the blockchain and back again. Furthermore investors can also achieve this with dramatically reduced counterparty risk, as a result of the platform’s transparent and vertically integrated network of partners.

Stablecoins are a multi-billion dollar market that will only accelerate in growth exponentially once institutional cryptocurrency traders and cryptocurrency hedge funds will enter the market, seeking cryptocurrency assets that mitigate volatility and risk. EURS is perfectly positioned to this end. It is fully compliant with all existing European regulatory requirements, with a strong focus on AML and KYC, and its partnership with KPMG ensures the highest levels of trust and transparency also when compared to other existing stablecoins.

“EURS bridges the gap between traditional finance and the cryptoeconomy,” says Gregory Klumov, STASIS CEO. “While cryptocurrency trading is currently dominated by individual and retail investors, STASIS and EURS will pave the way for institutional investors to enter the game and begin allocating capital - that’s what’s needed to take the industry to surpass the trillion dollar mark.”

Mike Rymanov, CEO of DSX, said, “We are delighted to be the launch exchange for this exciting new offering from STASIS/ Our focus is on professionalising the industry and championing innovation, EURS fits perfectly with this vision and approach. We’re confident our customers are going to be delighted with this new opportunity and we also look forward to welcoming new investors looking to take advantage of the benefits stablecoins bring.”

EURS is the first stablecoin to use the streamlined Ethereum EIP-20 standard with delegated transfer, as opposed to ERC-20, which requires spending gas with every transaction. The STASIS.net team anticipates that EIP-20 will become the de facto standard for Ethereum tokens.

About STASIS
STASIS is the fully compliant blockchain platform that lets investors tokenize any financial asset. Through its transparent and regulatory compliant network of partners, STASIS platform allows capital to flow freely between off-chain and on-chain digital assets. The company is based in Malta and has actively collaborated with the government of Malta on cryptocurrency legal frameworks since 2012.

Executive Team
Gregory Klumov, CEO & Founder
Gregory is a lifelong entrepreneur with extensive experience in finance and emerging technologies. He spent 15 years on the cutting-edge of alternative investment management, where he explored and researched a variety of asset classes, including bitcoin and cryptocurrency. Tech entrepreneurship has always been in Gregory’s blood: at the ripe age of 15, he founded a high-speed Internet Service Provider (ISP).

Anatoliy Knyazev, CTO
Anatoliy is a computer scientist with deep expertise in financial systems and markets. He developed the trading software that became the foundation for a Malta-based broker, Exante. He is a long-time trader who also launched the world’s first Bitcoin-only hedge fund, back in 2012.

stasis.net

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