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- Membrane Finance collaborates with deltaDAO and Polygon Labs to make EUROe available to the Gaia-X community.
- The use of Polygon Supernets is meant to solve all challenges of scalability and compliance.
According to reports, the first and only EU-regulated full-reserve stablecoin, Digital Euro, would be launched on the Polygon network, thanks to the partnership between Membrane Finance and German Gaia-X integrator deltaDAO.
As claimed by the release, EUROe, the modern European stablecoin would be the main settlement token on the Web3 ecosystem built with Polygon Supernets GEN-X network. As demanded by the partnership, the GEN-X network and the participants of the European AI and data infrastructure initiative Gaia-X would be able to settle data, AI, and infrastructure service transactions on the GEN-X network in EUROe. This will be done almost instantly and it is cheaper compared to the traditional payment networks.
Seamless settlement for digital transactions #onPolygon ⚡️
We are thrilled to announce the release of EUROe, a digital EURO, on the GEN-X network.
The token launch will enable digital txn at lightning speed for enterprises in the Polygon ecosystem.
— Polygon (Labs) (@0xPolygonLabs) March 13, 2023
The use of a module-based approach to Polygon Supernets would address all scalability and compliance challenges. With this integration, Gaia-X would be able to deploy projects while complying with the core principles of decentralization in addition to preserving privacy and improving sustainability.
Rebecca Rettig, Chief Policy Officer at Polygon Labs commented:
GEN-X and the implementation of a regulated, Euro-backed stablecoin is a favorable development in enabling a European data marketplace, which highlights the import of this technology. These types of use cases underscore the benefits of responsible innovation. Positive regulatory guardrails will only further benefit the industry, and allow for this technology to flourish.
The collaboration with Polygon to implement EUROe
GEN-X network was created by deltaDAO and powered by Polygon Supernets and Ocean Protocol technology stack. Gaia-X is also a cross-sector initiative that brings 365 organizations and companies from 21 national hubs. These are pulled from different industries including healthcare, agriculture, public services, etc. GEN-X network connects all of these industries with the likes of AI, Web3, and decentralized financial services. This is to ensure that there is “transparency, portability, data sovereignty, and interoperability across data and services” in these industries.
It is believed that using EUROe would make cross-border transactions easier and more affordable as it eliminates third-party risks.
Kai Meinke, Co-Founder and Business Lead at deltaDAO has stated that removing unnecessary settlement intermediaries and giving control back to Gaia-X participants would push the objective of enabling more sovereignty in the market.
Europe must overcome the imbalances of its current market and be more digitally competitive to compete on the world stage. Integrating EUROe into the GEN-X network brings us one step closer to creating a seamless and frictionless digital economy that gives all participants a competitive advantage compared to platform solutions that use a fragmented payment approach.
EUROe is registered in the EU as an Electronic Money Institution (EMI) by the FIN-FSA. According to reports, it is redeemable for one Euro. The digital Euro can be used for large enterprises on a private blockchain and non-blockchain environments.
Juha Viitala, CEO of Membrane Finance and EUROe project has stated that they have seen an increasing interest in the use of EUROe as payment and settlement currency.
Polygon (MATIC) has less-reacted to the news as it currently has a neutral sentiment with a price of $1.11. This partnership could boost the price of Matic when all other factors are considered equal.
