Boston-based payments technology company Circle announced Thursday that it intends to issue a euro-backed stablecoin.

Dubbed "Euro Coin," the new cryptocurrency will become available for customers in late June under the EUROC ticker.

Initially, the token will be available only on the Ethereum blockchain, but it is expected to launch on other platforms later this year.

The regulated stablecoin is fully backed by a reserve of assets held by Silvergate Bank and other American financial institutions, according to the announcement.

CEO Jeremy Allaire has said that that the company has responded to growing demand for euro-backed cryptocurrencies with the announcement of the new product.

The crypto finance company launched its dollar-backed stablecoin back in September 2018.

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