Cosmos EUR stablecoin project to unwind after 2 years
According to a Jan. 9 Medium post, e-Money — a stablecoin project in the Cosmos ecosystem — will discontinue the issuance of its EURR euro stablecoin effective March 6. In explaining the decision, e-Money wrote:
Until the deadline, users can redeem their EEUR by swapping their stablecoins for digital assets such as OSMO, ATOM (ATOM) or USD Coin (USDC) on the Cosmos decentralized exchange Osmosis. For amounts over 100,000 EEUR, e-Money recommends direct redemption for euros with e-Money A/S. “This requires KYC/AML and you should expect around 5 business days for processing. Please contact sales@e-money.com to redeem using this option,” the firm wrote.
Important Announcement: EEUR Stablecoin Unwinde-Money A/S has decided to cease issuance of its EUR backed stablecoin ➡️All stablecoins remain fully backed and can be redeemed. Read our Medium post & select one of the listed redeem options ⤵️https://t.co/1yneUFrD7U
E-Money was founded in 2017 on the Cosmos blockchain and launched its mainnet in early 2020. The company previously worked with the Financial Services Authority and Ernst & Young to “develop a transparent and compliant model for stablecoins that could accommodate negative interest rates in the Euro-zone.” E-Money initially began issuing EEUR stablecoins in 2020 using Ethereum bridging technology, later incorporating Cosmos and Axelar.
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