Circle launched its Euro coin (EUROC) on the Avalanche Network. Several dApp ecosystems already support the Euro-based stablecoin.
Circle, the issuer of the USDC stablecoin, has launched its Euro-based stablecoin called EUROC on the Avalanche Network. In a tweet published on May 25, Circle said that its EUROC stablecoin had gone multi-chain and was available on Avalanche for developers on top of it.
The issuer added that many leading ecosystem apps already support Euro Coin, including Curve Finance, GMX, Pangolin, Platypus, and Shift Markets. Circle described the EUROC stablecoin as follows,
“EuroCoin is a stable coin that is always forwarded that expands access to the euro around the globe. With both USDC and EuroCoin now on Avalanche, users can experience new possibilities for multi-currency digital finance and FX near instantly 24/7.”
Circle strongly believes that bringing the EuroCoin to Avalanche will not only strengthen the liquidity of the Euro but will also «offer optionality to global users who wish to engage in euro transactions using the EuroCoin.» This development is yet another step for Circle. The company strived to compete with established stablecoins such as Tether.
EUROC Stablecoin was first launched in 2022
Circle first Announced the Euro Coin in June 2022. The Euro Coin is issued under a regulatory framework, with the same rules governing USDC.
In the original announcement, Circle CEO Jeremy Allaire said the stablecoin would expand opportunities for payments, trade finance, commerce, and more. He went on to claim that it «symbolized a shift in crypto markets toward more and more utility value from blockchain infrastructure.»
Circle Supply Hits as it Targets New Markets
Circle has been busy in 2023. Recently, it launched a cross-chain transfer protocol that allows USDC to be used conveniently across networks. It comes at a time when USDC supply has fallen by 30% this year. The market cap of the USDC stablecoin fell by $13 billion. Allaire said this was a result of investors wanting to shift risk out of the US
In addition, Circle is also focusing on the European market. The issuer has applied with regulators to become a fully registered Digital Asset Service Provider.
Adhering to Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently verify facts and consult a professional before making any decisions based on this matter.
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