EURST, the euro-pegged stablecoin by Wallex, has continued to thrive in the crypto winter even as many projects, including Bitcoin (BTC) and Ether (ETH), have experienced a crash in the market. Wallex created EURST with the aim to deliver a reliable euro stablecoin to serve as a bridge to the digital economy. EURST was developed to improve the European digital economy by making it more accessible, transparent and trustworthy.
It’s no coincidence that Wallex was voted as one of the top digital asset custodians in early April 2022. Moreover, EURST is already prepared for the upcoming stablecoin regulations: It has a transparent, secure fiat reserve, a stable peg to the Euro, a live audit system, Know Your Customer measures and easy minting and redeeming.
Wallex’s EURST remains stable in bear market
The current bear market has resulted in trying times for many tokens in the crypto ecosystem.
Several tokens have dipped in value and even stablecoins have been affected. A recent example has been the de-pegging of TerraUSD Classic (USTC), which was tied to the United States dollar. USTC, a decentralized and programmable stablecoin on the Terra blockchain, was created to provide value to the Terra community.
The failure of USTC has marked the importance of stablecoins’ backings for sustainability. Unlike Terra Classic, EURST believes in the tried-and-true approach of holding 100% fiat reserves.
EURST has also been able to achieve stability during this period largely due to holding 100% fiat assets in reserve. The change in value of the euro to the US dollar has even led to an increase in EURST’s collateral, thus maintaining stability for its users.
Its entire system is transparent and reliable to holders, making it one of the top stablecoins in the market. The EURST stablecoin protects users’ assets from the volatility of crypto with its top-notch security, full transparency, regulatory compliance and the option to redeem it for fiat at any point. In addition, EURST is built on the ERC-20 standard of the Ethereum network, making it convenient to use and integrate.
Is the crypto ecosystem still decentralized?
The effect of Terra Classic’s crash has had a ripple effect, leading to the collapse and demise of several platforms. This has led to the question of whether the crypto ecosystem is truly decentralized due to how different products depend on each other. Some experts have advised that stablecoins could provide a better experience for an interwoven and borderless means of payment.
Speaking on the current development, CEO and co-founder of Wallex Bank Simone Mazzuca stated: “The crypto industry is no longer truly decentralized, but there are benefits to that — consumer protection and a great opportunity for stablecoins to become reliable, transparent and [have] borderless mainstream methods of payment.”
Wallex provides financial solutions built on a compliant, regulated and secure architecture to help businesses capitalize on the digital transformation. Wallex consists of top experts in the fintech and crypto ecosystem and is led by Mazzuca.