coindesk.com
Stablecoin issuing protocol e-Money will connect to Algorand, making its European currency-based stablecoins available on that blockchain.
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Algorand users will have access to coins such as pegged to the euro (eEUR), Swiss franc (eCHF) and Swedish krona (eSEK), according to an announcement Monday.
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E-Money said Algorand support will enable applications offering native currency options throughout Europe to be built faster and scaled more quickly.
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The stablecoins issued by e-Money are backed by deposits and government bonds held at commercial banks, utilizing a dynamic peg to track the underlying interest rate to allow users to accrue interest.
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The integration also expands the suite of stablecoin support available in the Alogrand ecosystem. As well as U.S. dollar stablecoins USDC and USDT, fiat-backed assets pegged to the Canadian dollar and Brazilian real are in circulation on the network.
Read more: Algorand Foundation Launches $300M DeFi Innovation Fund