{"id":538539,"date":"2023-01-10T19:15:00","date_gmt":"2023-01-10T16:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cosmos-eur-stablecoin-project-to-unwind-after-2-years\/"},"modified":"2023-01-10T19:15:00","modified_gmt":"2023-01-10T16:15:00","slug":"cosmos-eur-stablecoin-project-to-unwind-after-2-years","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cosmos-eur-stablecoin-project-to-unwind-after-2-years\/","title":{"rendered":"# Cosmos EUR stablecoin project to unwind after 2 years"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a35e1af02974\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a35e1af02974\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/cosmos-eur-stablecoin-project-to-unwind-after-2-years\/#%E2%80%9D_Cosmos_EUR_stablecoin_project_to_unwind_after_2_years_%E2%80%9C\" >&#8221; Cosmos EUR stablecoin project to unwind after 2 years &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Cosmos_EUR_stablecoin_project_to_unwind_after_2_years_%E2%80%9C\"><\/span>&#8221; Cosmos EUR stablecoin project to unwind after 2 years &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-6ed77c39>According to a Jan. 9 Medium\u00a0post, e-Money \u2014 a stablecoin project in the Cosmos ecosystem \u2014 will <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/medium.com\/e-money-com\/eeur-stablecoin-unwind-cf945820fb3f\">discontinue<\/a> the issuance of its EURR euro stablecoin effective March 6. In explaining the decision, e-Money wrote:\u00a0<\/p>\n<blockquote><p>\u201cThe lack of real-world <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lications for blockchain has led to low demand for non-USD stablecoins, and the upcoming European MiCA legislation is expected to hinder the scalability of Euro-backed stablecoins and limit business opportunities in the sector. European MiCA legislation in its current form favours commercial banks as future issuers of Euro stablecoins, hurting innovation in the European Union.\u201d<\/p><\/blockquote>\n<p>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. \u201cThis requires KYC\/AML and you should expect around 5 business days for processing. Please contact sales@e-money.com to redeem using this option,\u201d the firm wrote.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Important Announcement: EEUR Stablecoin Unwind<\/p>\n<p>e-Money A\/S has decided to cease issuance of its EUR backed stablecoin <\/p>\n<p>\u27a1\ufe0fAll stablecoins remain fully backed and can be redeemed.  Read our Medium post &amp; select one of the listed redeem options  \u2935\ufe0f<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/1yneUFrD7U\">https:\/\/t.co\/1yneUFrD7U<\/a><\/p>\n<p>\u2014 e-Money (@emoney_com) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/emoney_com\/status\/1612378907935645697?ref_src=twsrc%5Etfw\">January 9, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>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 &amp; Young to \u201cdevelop a transparent and compliant model for stablecoins that could accommodate negative interest rates in the Euro-zone.\u201d E-Money initially began issuing EEUR stablecoins in 2020 using Ethereum bridging <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>, later incorporating Cosmos and Axelar.<\/p>\n<blockquote><p>\u201cThe crypto industry faced many challenges in 2022, with both centralized and decentralized entities experiencing difficulties. While e-Money was not directly affected, the stablecoin business relies heavily on integration with traditional finance, and financial institutions\u2019 interest in cryptocurrency has waned following the events of 2022.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/73f5007f-a317-4b75-8cbc-405e2a4daa97.png\"><figcaption style=\"text-align: center;\">Cast your vote now!<\/figcaption><\/figure>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/cosmos-eur-stablecoin-project-to-unwind-after-2-years\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Cosmos EUR stablecoin project to unwind after 2 years &#8220; According to a Jan. 9 Medium\u00a0post, e-Money \u2014 a stablecoin project in the Cosmos ecosystem \u2014 will discontinue the issuance of its EURR euro stablecoin effective March 6. In explaining the decision, e-Money wrote:\u00a0 \u201cThe lack of real-world applications for blockchain has led to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":538540,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/d98e84bf-cbe4-4c9a-b17a-c742659a0cff.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74863,74868,4965],"class_list":["post-538539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-cryptocurrencies","tag-defi","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/538539","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=538539"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/538539\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/538540"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=538539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=538539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=538539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}