Circle, a top issuer of stablecoins, has introduced EUROC on the Avalanche blockchain. This move marks a strategic step in providing developers and users with efficient and faster payment alternatives and financial services. The launch is part of Circle’s multi-chain strategy aimed at expanding the stablecoin’s reach and functionality.
By offering EUROC on the Avalanche network, Circle enhances the liquidity of the stablecoin and empowers users with the flexibility to transact in euros, complementing the existing USD-backed stablecoin, USDC. This development opens up new avenues for seamless and convenient transactions in both euros and US dollars, catering to the diverse needs of users and fostering greater adoption of stablecoin-based financial services.
According to John Nahas, VP of Business Development at Ava Labs, the adoption of stablecoin-based financial services is set to accelerate, reaching a broader global audience, with the addition of Euro Coin on the Avalanche blockchain.
Circle Also Adds Cross-Chain Capabilities
This move marks an essential milestone since Avalanche is the second blockchain platform to support Euro Coin after its initial launch on Ethereum last year. On April 26, the Circle team introduced a new protocol that allows token burning on the sender chain and minting of new coins on the recipient chain, enabling cross-chain USDC transfer between Ethereum and Avalanche.
Joao Reginatto, VP of Product at Circle, has lauded the recent developments, saying that they enable developers and users to enjoy near-instant, more cost-effective transactions, open up new possibilities for payments, remittances, and operate 24/7 foreign exchange. Circle has revealed that several applications on the Avalanche platform have shown interest in integrating Euro Coin support, including Benqi, Curve, Dexalot, GMX, Pangolin, Shift Markets, and Trader Joe. This recognition signifies the growing adoption of Euro Coin within the DeFi ecosystem, offering developers and users on Avalanche more opportunities to leverage the stablecoin in their financial activities.
Circle presently manages two fiat-based stablecoins with USDC backed by the US dollar and having market capitalization of approximately $29 billion while EUROC has a market cap of $48 million.
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