📣 Cosmos-based e-Money discontinues euro-backed stablecoin

Cosmos-based electronic payment system e-Money has stopped issuing its euro-backed stablecoin EEUR citing bear market conditions. They can exchange their tokens for USDC or Cosmos-native assets like atom and osmo. 

Customers who wish to redeem amounts larger than 100,000 EEUR can do so directly for euros, the announcement added. These users will have to pass through customer identification checks and the process will take up to five business days. e-Money stated that unwinding its stablecoin project was a difficult decision. “Given the current market conditions, that effort has unfortunately reached a stage where it is prudent and responsible to wind it down,” the project stated.