ARYZE Launches eEUR Full-reserve and Fully Solvent Stablecoin

Copenhagen, 27 October 2022 – ARYZE, a blockchain fintech company specializing in digital payments solutions, has successfully listed the eEUR stablecoin on Switchere, thereby making Digital Cash and programmable money a reality. Issued by ARYZE BVI, eEUR is the first of ARYZE’s suite of digital currency assets and is now available for purchase. This launch offers a unique glimpse into the future of full-reserve banking and digital versions of cash.

The State of Stablecoins Today

The stablecoin market is approaching the $150bn mark, and it currently offers various crypto assets that are supposed to be a stable medium of exchange compared to the unpredictable volatility of most popular cryptocurrencies. However, the market recently is riddled with crypto crashes, especially the Terra UST crash that left the market devastated with a loss of nearly $60 billion of what was once the fourth-largest stablecoin by capitalization. A sudden death spiral happened over a matter of days, and many have since started losing confidence in stablecoins. However,

“The collateral backing of various stablecoins currently on the market is either insufficient, not transparent, subject to credit risk, or fundamental eco-system technical risk.”

Morten Nielsen, CFO at ARYZE


The crypto market currently needs true stablecoins backed by government assets that are not subject to wild swings in value and can always be redeemed for traditional fiat. Inspired by cash and CBDCs (Central Bank Digital Currencies), the team behind ARYZE has therefore developed the concept of Digital Cash ­– a series of full-reserve and fully solvent stablecoins that are free from credit, bank, and counterparty risks.

ARYZE Digital Cash, such as eEUR (and soon eUSD and eGBP), is issued by ARYZE BVI, a wholly owned subsidiary in the crypto-friendly jurisdiction of the British Virgin Islands. ARYZE Digital Cash has all the flexibility, accessibility, and utility of today’s popular stablecoins without the risk, uncertainty, and legal challenges they face.

ARYZE eEUR: A Full-reserve and Fully Solvent Stablecoin

ARYZE eEUR is the first stablecoin from ARYZE’s Digital Cash series, now available through Switchere, a European digital assets exchange based in Estonia.

Briefing on the importance of their new partnership, CEO of Switchere Dmitriy Koval said: 

“We are thrilled to partner with ARYZE, yet another innovative fintech project. From now on, ARYZE users will be able to effortlessly buy ARYZE eEUR with fiat just in a few clicks. This partnership is another huge step towards providing more people with a convenient exchange service.”

Dmitriy Koval, CEO at Switchere


Being a truly digital representation of cash, ARYZE eEUR is the perfect alternative to traditional fiat currency that can be used to store, send, and receive value securely and efficiently. Its full reserve infrastructure guarantees that purchased stablecoins are always backed by cash or cash equivalent assets, such as US T-bills and European Bonds. Each ARYZE stablecoin token represents a claim against the issuer, ARYZE (BVI) Ltd., and is backed by the underlying assets that hold government guarantees. Additional currency variations of Digital Cash will be launched in the upcoming months, including Dollar (eUSD) and Sterling (eGBP).

ARYZE is continuously establishing partnerships with reputable exchanges, OTC desks, and on-/off ramps to make eEUR and other Digital Cash stablecoins available for purchase. Users cannot buy or sell Digital Cash directly to ARYZE, and must instead register for an account with an underlying exchange or platform with Digital Cash listed. Visit the official documentation page to learn more about how ARYZE works with regulated exchanges.

ARYZE Digital Cash is platform agnostic, meaning that it can operate across different blockchains. Initially, users can buy eEUR as an ERC20 token on Ethereum, and using reForge, a no-custody Digital Cash bridge, people can easily transfer Digital Cash from one blockchain to another.

In the upcoming weeks, MAMA DeFi, a decentralized AMM exchange will be launched, where users will be able to trade eEUR to other variants of Digital Cash, as well as to access services, such as liquidity pools & staking features.

The Future of Fiat Currency is Full-reserve Banking

With a goal of recreating the Chicago Plan, ARYZE envisions a financial system in which the quantity of money and credit would become completely independent of each other. In addition, it proposes a full-reserve banking model that guarantees a much more risk-free environment for the core management of money.

CEO Jack Nikogosian further explains:

“This new asset concept has its roots in the history of modern economics adhering, as it does to the Chicago Plan of 1939. At ARYZE, we are going “back to the future” in heralding a digital asset class which underpins the separation of the monetary and credit functions inherent in the traditional banking system, as we require 100% reserve backing for our assets. This makes our programmable money concept unique and highly functional.”

Jack Nikogosian, CEO at ARYZE


In essence, Digital Cash stablecoins are a 1-to-1 representation of money that is not fragmented and based on lending, thereby ensuring that people’s money is safe, secure, and can maintain its value over time. Digital Cash exists in such a way that even if ARYZE ceases to exist as a financial institution, the money is still secure as it was never theirs in the first place.

Full-reserve banking is the future of fiat currency, and ARYZE Digital Cash will be a useful tool in combating money laundering, reducing fees for the unbanked, and making transferring money more efficient – all together contributing to the success of UN’s Sustainable Development Goals (SDGs). With over 1.7 billion adults worldwide currently unbanked due to a lack of funds or identity, ARYZE Digital Cash also presents itself as a solution for accessing basic financial services and contributing to global financial inclusion.

Third-Party Audits

Stablecoins ultimately must represent what they claim to be, and trustworthy third parties must verify that fact. There are three fundamental elements to consider when assessing stablecoins: market value risk, zero credit risk, and finally, a statement of solvency from a trusted and fully independent third party. ARYZE’s Digital Cash can comply with all the above elements while bridging the world of regulated money with open-source platforms to secure liquidity for businesses and financial services providers. All are set in a frame that is secure, recognizable, interoperable, and programmable.

The importance of trusted and global auditors has a significant impact on creating a truly solvent, transparent, and digital version of cash. This is why ARYZE has partnered with Grant Thornton, one of the world’s leading independent tax and advisory firms, to develop solvency guidelines that GT will be given the mandate to execute. Solvency audits will be performed by monitoring the amount of Digital Cash in circulation – all through the open-source nature of blockchains. This partnership is an important step in ARYZE’s mission to create a trustless fiat counterpart, where there are no doubts about the solvency or the credit security of the assets backing ARYZE eEUR. In addition, global cybersecurity business firm Banshie is responsible for performing comprehensive audits of smart contracts behind ARYZE Digital Cash, ensuring the security of its infrastructure for public launches of various stablecoins in the upcoming months.

How to get ARYZE eEUR 

ARYZE eEUR can be bought from the on/off ramps where Digital Cash is listed, either from the Switchere widget located on ARYZE’s website, through switchere.com, or by downloading the Switchere mobile wallet app.

To start with, an account with Switchere must be registered to trade. This can easily be done within the widget, which might require additional KYC steps. After selecting the currency used to pay with (both regular FIAT and crypto currencies are supported), users must input their public wallet key to receive their fully backed eEUR.

Conclusion

Copenhagen-based fintech enterprise ARYZE has successfully launched their eEUR stablecoin, making Digital Cash and programmable money a reality. Leading the way in fintech innovation, ARYZE is changing the stablecoin game by introducing full-reserve and fully solvent stablecoins that are backed by government assets and always redeemable to traditional fiat.

 ARYZE eEUR, the first stablecoin from the Digital Cash series, is now listed on the European exchange Switchere. With a goal of becoming the standard for programmable money, ARYZE is well on its way to disrupt the stablecoin market and change the way we think about money.

ABOUT ARYZE

ARYZE is a multinational fintech developing services for the fourth industrial revolution, specifically related to digital assets and programmable money. With a mission of making dumb money smart, it aims to solve some of the biggest problems within the financial sphere, such as financial exclusion, money laundering, and lack of transparency. ARYZE proposes a system to eliminate credit, bank, and counterparty risk, where the assets backing Digital Cash are backed one-to-one in a full-reserve banking model. ARYZE has recently launched its first full-reserve Digital Cash stablecoin, eEUR, issued by ARYZE (BVI) Ltd, with eUSD and eGBP coming soon.

Learn more about ARYZE: www.aryze.io
Join our Discord community: https://discord.gg/EP4DfRYs7M

ABOUT SWITCHERE

Switchere is a European online crypto exchange based in Tallinn, Estonia. It is a licensed provider of financial services, with guaranteed legal compliance and a secure infrastructure system for fast crypto exchange services at fair prices. Switchere.com provides high-quality fiat-to-cryptocurrency, cryptocurrency-to-fiat, and cryptocurrency-to-cryptocurrency exchange services to all customers by identifying and eliminating potential money laundering risks. Crypto swaps processed on the platform are fast and completed with maximum efficiency, since users can purchase crypto in the fastest and most convenient ways at the best exchange rates without any extra charges.

Learn more about Switchere: www.switchere.com

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