Eurite Euro Token (EURI) is issued by Banking Circle S.A. (“Banking Circle”), a regulated credit institution under the supervision of the Luxembourg Commission de surveillance du secteur financier (“CSSF”). EURI is subject to the regulatory requirements of the Markets in Crypto-Assets Regulation (MiCA), ensuring compliance with stringent EU standards.
Technical Specifications of EURI
EURI will be issued as an ERC-20 token on the Ethereum (“ETH”) Blockchain and as a BEP-20 token on the BNB Smart Chain (“BSC”) blockchain. The token will be pegged to the EUR on a 1:1 basis, with EURI issued at par value (i.e., 1 EUR for every EURI) upon receipt of funds from holders.
Safeguarding Customer Funds
In the event of Banking Circle S.A.'s insolvency, customer funds are bankruptcy remote. All funds received by Banking Circle as fiat currency for the purchase of EURI will be segregated in a separate account from the company's own assets, in accordance with the 2003 Act. This ensures that the Safeguarded Customer Funds are only used for specific purposes and are protected if Banking Circle goes bankrupt.
Audited Backing and Attestation
EURI is attested by top-tier auditors to ensure that the tokens in circulation are backed 1:1 by the corresponding amount of Euros held by Banking Circle.
