The beautiful thing about fiat currencies is that you can choose who gets to steal a portion of your savings on an ongoing basis.
In the past, domestic fiat rulers mostly had the exclusive privilege of fleecing their own populations. With stablecoins, all you need is an internet connection to choose from a much wider menu of fiat currency issuers ready to feast on your hard-earned savings while printing your purchasing power into oblivion.
Tired of funding the Global American Empire – its endless wars, bureaucratic sprawl, and the many audacious frauds of high and low society?
Prefer instead to support the deliberate destruction of Europe via Brussels bureaucracy, the steady eradication of what remains of its entrepreneurial spirit – all while feeling extremely righteous and smug about it?
Well – now you can do so more efficiently.
If you align with the policy direction of the European Union and want to support its cause, you can now park your savings – from anywhere in the world – in EUR stablecoins.
This helps fund Europe’s bloated bureaucracy and buys it a few more years to continue whatever exactly it is doing – financed, as always, by the steady dilution of your life savings.
At least you have a choice – and to this day, many Europeans still passionately support the eurocratic regime as committed €URO holders.
Now you can be one of them too.
The good thing about EUR stablecoins is that they offer “stability.”
Not in the long term, of course – but in the short term, they can sometimes keep up the “stability” act for a few months at a time.
Exceptions apply, as on 15 January 2015, when the Swiss National Bank abruptly abandoned its CHF 1.20 per euro floor – after years of defending it with large-scale FX interventions – and the Swiss Franc repriced violently.
So if you are a true EU supporter, you should of course hold EUR – and if that comes at the small cost of Europe’s culture, your savings, and what remains of productive capital formation, that is apparently a sacrifice many are willing to make.
This is true monetary democracy:
They dilute you to fund their welfare splurges, are actually quite open about it – and you politely opt in.
Sure, hard mindset for a Bitcoiner to understand.
Then again, they probably look at “those crazy Bitcoin people” with similar confusion.
Anyway, long story short:
As a business, we are fairly agnostic as to which currency you want to swap in and out of.
Be it good old orange coin, some cypherpunky privacy coin, or the stablecoins that increasingly underpin the mighty King Dollar – you do you.
However, as we do not want to hold EUR exposure on our own books, you can now become the LP.
“Long EUR – what’s in it for me?”
As with all other liquidity pools on BitcoinVN, each swap conducted using the underlying asset generates a small volume-based reward for the LP.
At this stage, that yield is of course still modest in the case of EUR stablecoins. However, if you are bullish on EUR and its stablecoin ecosystem, this gives you the opportunity to capture the generated yield and “get in on the ground floor”.
Then again:
Please understand that this product is intended only for sophisticated users who know what they are doing and can “afford to lose the money”.
While one might assume that EUR holders are generally in a position to “lose the money,” it still needs to be said.
Do not entrust any third party with more funds than you can afford to lose – ever.
Which Euro Stablecoins are currently supported by BitcoinVN?
At the time of writing, we currently allow for instant swaps involving the – currently – leading Euro stablecoin EURC by Circle, as well as EURR by StablR and EURQ by Quantoz. EURR forms part of StablR’s MiCA-aligned Euro stablecoin push, while EURQ is the Netherlands-issued Euro stablecoin backed by a consortium including Kraken and global stablecoin hegemon Tether.
On the more “DeFi-connected” side, EURe by Monerium is supported as well. Issued by a regulated European EMI, it is designed to bridge traditional euro banking rails with onchain settlement and DeFi usage.
Be your own EUR bank?
Now, as a convicted EUR stablecoin hodler who does not want to entrust any third party (beyond the issuer – of course) with his precious EUR stablecoins, the question becomes: how do you secure them properly?
Obviously not on a “hot device” – meaning a general-purpose, internet-connected everyday laptop or phone with exposed private keys. Otherwise, your purchasing power may disappear even faster than anticipated and end up benefiting criminal enterprise rather than the expansive European welfare state.
And that is presumably not what you want to do with your money.
So if you plan to hold a non-insignificant amount of EUR stablecoins – or crypto in general – get a hardware wallet. Any amount above, say, US$1,000 already begins to justify the investment in a dedicated device.
The aforementioned EUR stablecoins are supported by the major multipurpose hardware wallet providers Trezor, Ledger and Keystone. All of them offer a vastly superior security setup compared with leaving your keys with a third party or on an internet-connected device.
If you are based in Vietnam, you can have such a device shipped directly to your door from our domestic warehouse – with no customs or import hassle involved. Or, if you prefer, you can pick it up directly from our team in HCMC (Saigon) or Da Nang to minimize the amount of personal data you disclose.
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Further reading:
- How does staking on BitcoinVN work?
- BitcoinVN Staking Program – Frequently asked questions
- BitcoinVN – Unified Stablecoin Pools
