Polygon Unveils EUROe, a Digital Euro for Enterprises of its Ecosystem

• Polygon Labs announced the launch of EUROe.
• EUROe is a new digital euro on the GEN-X network.
• The digital euro will aid the enterprises in the ecosystem to make lighting speed transactions.

Polygon Labs has recently announced the launch of a digital euro. The digital euro, called the EUROe is based on the GEN-X network.

The launch is in partnership with deltaDAO and Membrane Finance to make EUROe as the primary settlement token. The collaboration will also make EUROe, the only EU-regulated full-reserve stablecoin.

The announcement blog post reads:

The partnership brings the first and only EU-regulated stablecoin to the GEN-X test network, the Web3 ecosystem built with Polygon Supernets for Gaia-X participants.

The new stablecoin will enable near-instant business transaction settlements. EUROe will allow the participants in the Web3 ecosystem to settle AI, data, and infrastructure service transactions on the GEN-X network. The ultimate aim of the launch is to enable portability, transparency, interoperability, and data sovereignty.

According to the team, EUROe will also help minimize third-party risks and the necessity for intermediaries, and it will make cross-border settlement easier and cheaper. This will reportedly allow for seamless integration of applications into the network, promoting a high level of interoperability since users do not have to rely on multiple payment providers.

Juha Viitala, CEO of Membrane Finance and the EUROe project said:

We’ve seen a surge in the interest in using EUROe as a payment and settlement currency in various data and tokenization initiatives.

Membrane Finance is registered with the FIN-FSA as an electronic money institution (EMI) in the EU. Each EUROe can be redeemed for one Euro, and for every EUROe issued, there is at least one fiat Euro or its equivalent held in a European financial institution or bank.