WorkChain Blockchain Payroll And STASIS Enable EURS Stablecoin Crypto Paychecks For EU Workers

It seems that individuals that get paid in Euros can now receive their payments in cryptocurrency. The Blockchain Payroll Platform WorkChain.io partnered with the tokenization platform STASIS in order to enable euro-backed crypto paychecks for European Union (EU) users. The payments could be processed using the EURS stablecoin.

In this way, EURS becomes the second stablecoin in the market that has been selected by the WorkChain.io platform. The company is already supporting the popular TrueUSD (TUSD) stablecoin, which is collateralized in dollars. The EURS stablecoin is backed by Euros.

During a conversation with Bitcoin Magazine, WorkChain.io CEO Ryan Fyfe said that people that receive payments in Euros can receive their paycheck in cryptocurrency. Since the EURS is backed by Euro and it is a stablecoin, users can be protected against volatility in the crypto market.

The WorkChain platform works in an entirely different way compared to Bitwage, a recognized and important payroll services company in the United States. While Bitwage offers a typical payroll model with the option to convert monthly payments into Bitcoin (BTC) or Ether (ETH), WorkChain allows workers to decide when they want to get paid and in which currency they want to do so.

This would allow users to select the day they want to receive their payment, which is very useful. It would not be necessary to wait until the next month for paying some things that could be paid before.

Ryan Fyfe commented about this:

“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.”

STASIS is located in the European island of Malta and it created the EURS stablecoin back in July 2018. It received a $100 million pre-launch order book and it wants to become the largest and fully verified and collateralized stablecoin in the world.

According to Gregory Klumov, the CEO of STASIS explained that,

“Allowing individuals to receive their salaries in EURS, it is possible to extend the practical use of stablecoins beyond cryptocurrency trading activities. Users will be able to integrate a stablecoin into their daily financial lives.”

The company WorkChain.io is a company that allows for instant payout payments to employees in virtual currencies. The service that the company provides has been initially designed for salaried workers. Employers can connect their payroll with WorkChain’s platform and use the company’s wallet app. Using a simple and efficient smart contract, WorkChain executes payments to employees.

Although the wallet needs to be enhanced, the company is working in an upgrade that will be applied to the service in the future. Users can withdraw their virtual currencies to their bank account, credit cards, or transfer them to another crypto exchange in the market. If they decide to do so, they can save their money on the WorkChain.io platform as well.