What is the EURC? | MYKOBO Support

What is the EURC?

The EURC is our ticker code for our EURo Coin token. If you are new to the concept of stablecoins, this is essentially a snapshot of your Euros on the blockchain. For a more detailed and extensive overview, you can visit our whitepaper here.

A 1:1 Peg Fully Redeemable

The EURC is an asset backed Euro stablecoin pegged 1:1 with the Euro.

MYKOBO UAB issues the EURC under the supervision of the Lithuanian Financial Crime Investigation Service. (FNTT) We have permission and regulation from them to operate out of Lithuania as a Virtual Currency Wallet Operator and Virtual Currency Exchange Operator.

EURC can always be redeemed 1:1 with the Euro directly on the MYKOBO platform or by trading with other digital assets on exchanges or partner platforms that list the EURC and support cross-border payments.
We offer our stablecoin to every individual and business and the only criteria is if you want to buy one; we need 1 Euro from you which goes into reserve, and you can then receive 1 EURC into your Stellar wallet. This guarantees that you will always be able to redeem your money.

Fully Attested and Reserved

We take pride in maintaining a robust reserve system that is regularly audited to ensure the safety and stability of our Euro stablecoin. Our approach to managing reserves involves strict adherence to regulatory requirements and industry best practices.

We work with trusted financial institutions in Europe to hold our reserves, and we use multiple layers of security to protect against any potential threats. Compared to our competitors, we have taken extra measures to guarantee the security of our reserves. We believe that our approach to managing reserves provides our customers and partners with peace of mind and confidence in the long-term stability of our this Euro stablecoin.

You can find our monthly attestation reports by our auditing firm here.

More Reserved than a Bank

Incidentally, what you will find is that MYKOBO and the EURC are even better reserved than traditional banks, given the current regulations they adhere to. What do we mean by this? In fact, banks and money are far from being 100% reserved. It is a term known as fractional reserve banking.

What this means is for every 10 Euros in a bank account, there is in fact only 1 printed bill in circulation… if that. It is a fraction of what is in reserve. Therefore, banks are very cautious today about creating any kind of concern for a bank run. If everybody ran to the bank to pull out cash, quickly one would find it impossible to get any. It is something to think about given the current events that have once again taken place in the banking world in March 2023.
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