How EURST works

EURST is the first live audited USD asset backed euro stable token. It has been created to upgrade the european digital economy by making it more accessible, transparent and fully reliable.  

Faster Speed

Stablecoins make various financial processes faster. Escrow is streamlined by smart contracts utilizing stablecoins.

Transparent

Transactions on the blockchain can be viewed from a blockchain explorer by anyone with internet access.

Lower Fees

High costs of transaction can be circumvented through the use of stablecoins, providing value for both businesses and customers.

Programmable

Because stablecoins are fundamentally made up of code, features can be added to them, adapting to changing needs.

Borderless

The ability of cryptocurrencies to be an anonymous, borderless store of value has proven itself to be a real-world necessity for millions.

API

By supporting real currency-backed stablecoins across different blockchains, EURST will create an API for applications that integrate with a variety of DApps in the background
EURST STRUCTURE & FUNDS FLOW

EURST is a cryptographic token built on the Ethereum network according to the ERC20 standard and represent a units of 1EURO

EURST is a fiat-backed-stablecoin, in public real time audited system. Based on this definition, every EURstablecoin represents a claim on the issuer over the funds it received from users. All The funds are held by a custodian for this purpose in a segregated account in order to ensure the funds backing EURSTABLECOIN are redeemable according to the terms of service, either on the basis of bilateral contracts.

Issuance

User transfers funds to the account the issuer opened with a custodian who shall keep them safe. Upon confirmation that the funds have been received by its custodian, the issuer creates and allocates an equivalent amount of EURstablecoin through the smart contract it maintains. The issuer is directly accountable for he redemption of Eurstablecoin.

Transfers

Through the Ethereum network ,the sender of EURstablecoin initiates the transfer to a receiving user by instructing the smart contract accordingly. Network participants verify that the transfer is in line with the rules of the initiative and validate the transfer.

The process of Redeeming

Units of EURstablecoin is similar to the issuance but works in reverse. A user may send units of EURstablecoin to the dedicated network address specified by the issuer who shall withdraw them from circulation (in jargon “burn” them) to maintain the redeemability of circulating units for the funds backing them. Once these units are burnt, the custodian is instructed to transfer an equivalent.

Check out in details how EURST works.

By reading our whitepaper you will be able to discover in details all the EURST functionalities and use cases.

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