Circle Launched Fully Reserved Euro-backed Stablecoin On The Avalanche
- Circle has announced the availability of Euro Coin on Avalanche.
- This is the first in a planned series of multi-chain releases for the completely reserved euro-backed stablecoin, which will aid in the delivery of speedier, more efficient payments and financial services.
- Adding Euro Coin natively to Avalanche may assist in enhancing euro liquidity and provide worldwide users the option to deal in euros using Euro Coin.
Circle has launched its Euro Coin stablecoin on the Avalanche network, becoming the second blockchain to host the asset after the first debut on Ethereum last year.
The stablecoin issuer said that this measure is part of their Euro Coin multi-chain strategy. It also said that the availability of Euro coin on Avalanche might enhance liquidity and let users exchange euros alongside USD Coin (USDC), its USD-based stablecoin.
Last year, the stablecoin issuer debuted EUROC as a regulated stablecoin completely backed by euro reserves. This implies that for each EUROC token, an equal euro will be kept in custody at US-regulated financial institutions.
The company claims that integrating Euro Coin into Avalanche apps that currently accept the USDC stablecoin would be simple. The addition of Euro Coin to Avalanche demonstrates the rising need for stablecoin variety across several blockchains.
John Nahas, Vice President of Business Development at Ava Labs, stated:
“We continue to see great adoption and volume behind Circle’s USDC, and expect great feedback and usage of Euro Coin on Avalanche. DeFi continues to expand into a multi-currency, cross-border environment – delivering a trusted and fully reserved euro stablecoin like Euro Coin will greatly accelerate the adoption of instant payments and remittances to a much larger swath of the world.”
Many Avalanche programs have shown interest in adding support for Euro Coin, according to Circle, and decentralized financial applications, including Benqi, Curve, Dexalot, GMX, Pangolin, Shift Markets, and Trader Joe are slated to incorporate the stablecoin.
Additionally, Circle just launched a protocol that enables cross-chain USDC transactions between Ethereum and Avalanche. The protocol, which would destroy coins on the sender chain and mint new ones on the recipient chain, was unveiled on April 26. This is in stark contrast to typical bridges, which merely lock coins to their contract.
The company provides qualifying firms with a Circle Account with access to Avalanche EUROC liquidity. The Circle Account and Circle APIs also enable it simple to exchange Euro Coin between Ethereum and Avalanche natively.
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