1 min. read
How Banking Circle Launched their MiCA Regulated EURI Stablecoin with Fireblocks
Benefits at a glance
Flexibility
Banking Circle will be using smart contracts to issue the EURI stablecoin.
Management & Operations
The smart contracts will be imported into the Fireblocks Tokenization Engine so that Banking Circle can manage the end-to-end tokenization and contract functions through Fireblocks.
Automation
Banking Circle can perform conditional actions, including automatically minting and burning tokens when fiat lands in their bank account.
Easy Deployment
Banking Circle leveraged the Fireblocks console for critical tasks such as deployment and APIs to scale tasks.
The Bank
Banking Circle, a next-generation European payments bank, has always been an innovator in the payments landscape. Their mission is to continuously improve the payments ecosystem. With increasing demand for blockchain solutions, Banking Circle aimed to bridge the worlds of traditional finance and Web3. As the market called for regulation and support from regulated players, they wanted to launch the first MiCA-regulated stablecoin issued and backed by a bank. The Euro-pegged stablecoin known as Eurite (EURI) was developed to ensure:
- Safety and security. A stablecoin that is subject to transaction monitoring, risk assessment policies, as well as workflow authorisation risk mitigants.
- Trust. EURI needed to be built around smart contracts that Banking Circle created to meet MiCA requirements.
- Efficiency. Fast and efficient on- and off-ramping as a top priority.
- Scalability. Banking Circle wanted EURI to be available on multiple trading platforms.
The Technology
Banking Circle engaged Fireblocks to handle the end-to-end minting and burning of EURI, enabled by the Fireblocks Tokenization Engine and secured by Fireblocks’ enterprise-grade MPC technology. Fireblocks’ robust compliance measures and security certifications were amongst the reasons why Banking Circle selected Fireblocks. We are also trusted by some of the largest players in the digital asset ecosystem, which was an added advantage in selecting Fireblocks amongst other similar technology providers.
Key parts of the stablecoin creation project that Fireblocks supports include:
- Powering the minting and burning of EURI.
- Securing the project with MPC-CMP technology.
- Providing an intuitive, user-friendly interface for Banking Circle.
- Unlocking Banking Circle’s ability to automatically mint EURI when fiat hits their accounts.
- Integrating Elliptic and the Fireblocks Governance and Policy Engine to ensure compliance protocols are always adhered to.
Fireblocks provides state-of-the-art technology to keep our keys for burning and minting secured, and enable the ability to mint and burn in a straight-through-processing manner.
Daniel Lee
Head of Web3
