Stablecoin issuing protocol e-Money will connect to Algorand, making its European currency-based stablecoins available on that blockchain.

Algorand users will have access to European stablecoins, including those pegged to the euro (eEUR), Swiss franc (eCHF) and Swedish krona (eSEK), according to an announcement Monday.E-Money said Algorand’s support will enable applications offering native-currency options throughout Europe to be built faster and scaled more quickly.The stablecoins issued by e-Money are backed by deposits and government bonds held at commercial banks, utilizing a dynamic peg to track the underlying interest rate to allow users to accrue interest.The integration also expands the suite of stablecoin support available in the Alogrand ecosystem. Besides U.S. dollar stablecoins USDC and USDT, fiat-backed assets pegged to the Canadian dollar and Brazilian real are also in circulation on the network.

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