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EURK Pilot Test Smart Contract is unavailable for security reasons as of 2nd of April. Therefore, EURK will not be available for buying, selling, and exchanging until further notice.
The problem is being resolved by our team of technicians.
We sincerely apologize for the inconvenience caused.
For assistance and/or to report any incident, please contact our dedicated support team at [email protected]
Please stay tuned and await further updates.
EURK Team
Stablecoins have become a key part of the cryptocurrency ecosystem, offering the same price stability as cryptocurrencies, but can we store stablecoins on the blockchain ledger? As stablecoins popularity and usage grow, it's important to understand how they work and their benefits.
In this guide, we'll explore what stablecoins are, how they maintain price stability, examples, and how to store stablecoins on the blockchain ledger. By the end, you'll have a solid grasp of this important digital asset class.
Stablecoins minimize volatility by pegging their value to another stable asset, such as the dollar, euro, or commodity like gold. They aim to maintain a constant value regardless of broader crypto market fluctuations.
There are different approaches to maintaining the stability of stablecoins. Some stablecoins, like EURK, are fully backed by multiple real currency reserves held in bank accounts.
Their intrinsic value is matched to the amount of their fiat holdings. Others rely on algorithmic mechanisms or crypto-collateralization to stabilize prices programmatically.
While stablecoins aim for price stability, security, and fast and easy transactions.
Most major stablecoins are overcollateralized, meaning reserves exceed crypto token supply for added security. Holdings include cash, cash equivalents, or low-risk securities.
Smart contracts or centralized controls adjust token supply vs. demand to maintain the peg. For example, minting new tokens in exchange for reserves if the price drops below $1.
To maintain user trust, some projects, like EURK, undergo regular attestations to prove reserves match outstanding tokens. Others provide limited transparency on reserves.
Stablecoin holders can theoretically redeem tokens for the underlying fiat currency, maintaining the peg. However, redemptions may be suspended during periods of high volatility, resembling bank runs.
Crypto exchanges like Coinstore store stablecoins and function similarly to traditional stock brokers. However, you don't truly control the private keys in this centralized model. A better option is to store stablecoins non-custodially in a software or hardware crypto wallet.
This gives you full control of your private keys while retaining the flexibility to send and receive stablecoins. Hardware wallets offer an extra layer of security by keeping private keys offline.
You can also store stablecoins securely on the euro stablecoin wallet through the custody and wallet solutions of Cryptobunq. Cryptobunq also issues and audits the EURK stablecoin.
Whatever method you choose, only store what you're actively using; it's best not to keep large balances on exchanges long-term due to hacks and other risks.
EURK is a euro-based stablecoin that maintains a 1:1 peg to the euro. As a securely audited euro stablecoin, EURK has reserves are held in cash in Switzerland and the Dominican Republic to back each token.
It runs on multiple blockchains, empowering developers to build new financial applications with a stable, euro-based digital currency. EURK is uniquely positioned as the only major stablecoin pegged to the euro, filling an important role for the global economy.
Additionally, EURK also stands out for its transparency for stablecoin; it undergoes regular attestations by analysts to prove reserves match outstanding supply.
This level of oversight and collateralization gives EURK users added confidence in the peg. EURK aims to bring security, speed, and efficiency to international euro transactions on the blockchain.
Major crypto exchanges like Cryptobunq and Coinstore offer crypto trading pairs to directly buy EURK with fiat currencies or cryptocurrencies.
Decentralized platforms allow swapping between crypto assets on decentralized exchanges with a single transaction.
Our trusted partners, Speedy, The Kingdom Bank, The Guardian Bank, and Reisbank, allow directly purchasing EURK with bank transfers in a variety of fiat currencies and countries. Simply create and connect your bank account with our trusted partners and transfer EURK.
No matter the method, always practice good cryptographic security. Use a secure crypto wallet to store your EURK long-term once purchased for extra protection. Transparent stablecoins like EURK offer a secure gateway to the expanding world of digital finance.
A hardware wallet, like Ledger, provides the safest way to store crypto assets like EURK outside of crypto exchanges.
Follow the instructions to initialize a new or existing Ledger Nano device and record your recovery phrase.
Install and open the desktop manager to interact with your hardware wallet.
Within Ledger Live, navigate to the "Apps" menu and install the EURK app to allow managing EURK tokens.
A new EURK account will appear; connect your ledger and confirm on the device to add it.
Transfer EURK from an exchange or other wallet to the address shown in your new Ledger EURK account.
Always keep your ledger in a safe place, and never enter your PIN or seed phrase online to keep funds fully protected in cold storage. You can also check out “Store stablecoins on the Ledger” for more details.
Storing EURK securely on your Ledger wallet provides you with reliable access and is powered by immutable blockchain technology and backed by a trusted company like Cryptobunq. The Ledger prevents private keys from ever touching an internet-connected device for maximum security.
As the digital currency sector matures, stablecoins are playing an increasingly important role by providing a bridge between traditional finance and cryptocurrencies.
Stablecoins like EURK demonstrate how stablecoins backed by real reserves can securely power use cases ranging from global payments to decentralized finance and decentralized applications.
With its euro peg and transparency standards, EURK establishes a high level of trust among users. By storing your EURK on a secure hardware wallet, you can take full advantage of this fast-growing stablecoin's utility and reliability.
As adoption grows, stablecoins like EURK represent the future of digital finance. Stay tuned for further innovation and real-world impact with EURK. Become a partner today!
