Circle Launches EURC Stablecoin on Base Mainnet
Circle, a prominent global financial technology firm, has recently introduced its euro-backed stablecoin, EURC, on the Base mainnet. This move is aimed at offering developers and users enhanced features for minting and redeeming EURC, as revealed on circle.com.
EURC Integration on Base
EURC, a stablecoin backed by the euro and issued by Circle, is now available on Base, a leading Ethereum Layer 2 (L2) solution. This integration highlights Circle’s commitment to establishing a global, on-chain economy that promotes innovation, creativity, and freedom. Developers and users can now leverage Circle’s APIs to mint and redeem EURC on Base, ensuring compliance with the new Markets in Crypto Assets (MiCA) regulation in the EU.
- EURC facilitates global commerce on Base.
- The stablecoin supports an on-chain economy for innovation and creativity.
- Circle’s APIs enable minting and redeeming of EURC on Base for financial institutions.
- Compliance with the new MiCA regulation in the EU is ensured.
EURC Partnerships and Use Cases
At launch, several prominent partners are supporting EURC on Base, including Aerodrome, Coinbase, Coinbase Wallet, and Uniswap Labs. Businesses, developers, and users can now execute a variety of financial activities using EURC on Base, such as trading, borrowing, lending, and payments.
USDC Presence on Base
Prior to EURC, Circle had already introduced its US dollar-backed stablecoin, USDC, on Base, becoming the largest stablecoin on the platform. With almost $3 billion in circulation as of July 2024, USDC holds a 97% market share among stablecoins on Base, ranking fifth in stablecoin market capitalization across all blockchains.
Circle aims to boost its corporate and customer USDC balances on Base through Coinbase. Over 250 applications have been developed on Base to support various use cases related to finance, social media, gaming, art, and infrastructure. Leading applications supporting USDC on Base include Aave, Aerodrome, Blackbird, Moonwell, Morpho, and Uniswap.
Advantages of EURC and USDC
- Both stablecoins are regulated and fully reserved.
- They can be redeemed 1:1 for euros and dollars, respectively.
- Institutional on/off-ramps like Circle Mint are available for qualified businesses.
- Seamless integration into new and existing applications is possible.
- Retail access to Coinbase’s global on/off-ramp network.
By
By
By
By