EURAU Marks EU's First On-Chain Employee Benefits Rollout in Germany
The EU's first on-chain rollout of employee benefits has commenced in Germany. EURAU, a Euro-backed stablecoin issued by AllUnity, is being used to deliver benefits through the Stellar blockchain.
Zebec, a platform providing welfare fund distribution infrastructure for employees, has announced that EURAU is now live and operational within its system. The program allows employers to allocate welfare funds to their employees through Zebec's platform, which then converts the allocated amount into EURAU on the Stellar network.
According to Zebec, this marks Europe's first instance of regulating a stablecoin for on-chain employee benefits. The company has also utilized the tax benefits outlined in Section 8 of Germany's Income Tax Law to further optimize the program.