EURS is 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.
For those who aren’t familiar with the stablecoin concept, read more about how it works here.
Having the option to get paid in crypto
WorkChain.io CEO Ryan Fyfe said the inclusion of EURS payment on the platform means “anyone who gets paid in Euros can now choose to get their paycheck in cryptocurrency. And, being a stablecoin, it protects workers and employers from volatility. With the volatility of the cryptocurrency market in recent days, the need for stablecoins has become even more apparent.”
How does it work?
WorkChain seems to be entirely different from a host of blockchain-based payroll services like Bitwage, the U.S.-based payroll and wage payment platform.
Whereas Bitwage offers the typical payroll model with an option to convert monthly payments into bitcoin or ether, WorkChain disrupts the pay period, allowing workers to choose when they want to get paid and in which currency.
So, instead of waiting weeks or up to a month to get their paycheck, workers can choose when their payday comes — every day if they want.
It’s their paycheck on demand. This gives people more financial control: If you can get your earnings as soon as you earn them, there’s no more putting things like bills and rent off until next payday.
The thought of being able to get paid anytime you want is huge. In some countries, workers normally only get paid once a month and would have to wait for their paycheck in order to purchase something they like. The fact that you can get your hard earned money instantly in a matter of seconds is huge.