EURS becomes the second stablecoin selected for use on the WorkChain.io platform but the first one collateralized in euros. The platform also supports TrustToken's TrueUSD stablecoin, which is a fiat-collateralized stablecoin pegged to the U.S. dollar.
Speaking with Bitcoin Magazine, 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."
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 EURS is a fiat-collateralized stablecoin created by Malta-based STASIS in July 2018 with a $100 million pre-launch order book; it aims to be the largest fully "verified and collateralized" stablecoin in the world.
Gregory Klumov, CEO of STASIS, echoed Fyfe's sentiments in the release, arguing that making salaries available in EURS extends the practical use of stablecoins "beyond cryptocurrency trading and into the everyday financial lives of regular people.”
WorkChain.io is a blockchain-based payroll company that allows for instant payout to employees in crypto. Initially designed for salaried workers, employers can connect their payroll with WorkChain's platform using the company's wallet app, which creates a payroll smart contract to execute payments to employees.
At the moment, WorkChain.io's mobile wallet has a few missing parts, but Fyfe promises significant upgrades in the ensuing months.
Additional wallet functionality will include users being able to choose to withdraw their cryptocurrency earnings to their bank account or credit card, transfer to any major exchange, spend directly, or save on the WorkChain.io platform, he noted.