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Malta-based tokenization platform STASIS has launched EURS, a stablecoin backed by the Euro. EURS, aiming to be the biggest “fully verified and collateralized stablecoin” in the world, launched with a $100 million pre-launch order book which is expected to hit $500 million by year’s end.

Similar to Tether, EURS is fiat-collateralized. Each stablecoin unit is backed by a corresponding unit of Euro.

Created to satisfy the yearnings of European institutional investors, STASIS believes that the EURS token can provide protection during periods of extreme volatility in the market while improving the “risk and return metrics of crypto-investment portfolios.” Leveraging Ethereum’s network, EURS is an EIP-20 token.

Speaking to Bitcoin Magazine, Gregory Klumov, STASIS CEO, believes EURS will be a game changer which could usher in more European institutional investors. He said, “STASIS created EURS token following the demand from institutional clients, high net-worth individuals, and funds that trade digital assets. Also, we think that there is a lack of price-stable cryptocurrency with the visible transparency of reserved assets. The advanced 3-level asset verification process of EURS makes it stand out from any of the stablecoin projects currently available on the market.”

This “advance 3-level asset verification process” comes in the form of daily and weekly account statements and quarterly audits “posted to the public by one of the Big Four accounting firms.” Exante Ltd., a Cyprus investment services company registered with the Cyprus SEC, processes daily and weekly account statements for the company, but there are currently no official audits available, with no clear information yet on which accounting firm would be responsible for these quarterly reports.

One major concern with stablecoins is whether the issuer can hold enough fiat to backup the digital coins in circulation. STASIS, which currently has a total supply of 291,000 EURS in circulation, says its collateral reserve is being managed by an unnamed “AAA-rated European institution” using a conservative, duration-distinguished bucket strategy, where reserves are broken down into several periods (buckets) and analyzed to determine those who subscribed and redeemed. Representatives from STASIS told Bitcoin Magazine that the name of the institution would be revealed at a later date.

“The weights of these buckets will depend on their statistical subscription to redemption ratio. We will have access to more data once the product is launched on more exchanges,” Klumov added.

EURS is currently being traded on London-based crypto exchange DSX, but there are plans to expand to other cryptocurrency exchanges in the future.

This article originally appeared on Bitcoin Magazine.

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