Circle debuts euro-backed stablecoin on Avalanche blockchain

Circle debuts euro-backed stablecoin on Avalanche blockchain

Circle has launched its Euro Coin stablecoin on the Avalanche network, allowing for near-instant and cost-effective transactions and meeting the growing demand for stablecoin diversity on multiple blockchains.

Crypto Stablecoin issuer Circle has rolled out its Euro Coin crypto stablecoin on the Avalanche  network, making it the Second blockchain tech to facilitate the investment following the preliminary launch on Ethereum (ETH) last year.

Circle stated the integration of Euro Coin will be straightforward for Avalanche (AVAX) applications that already support the USDC crypto stablecoin. The growth of Euro Coin to Avalanche (AVAX) signifies a growing demand for crypto stablecoin diversity on numerous blockchains.

Plenty of applications on Avalanche (AVAX) have shown interest in adding support for Euro Coin, Circle stated in a statement, and (DeFi) applications on the Avalanche (AVAX) network including Benqi, Curve, Dexalot, GMX, Pangolin, Shift Markets, and Trader Joe are expected to integrate the stablecoin.

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“We launched Euro Coin on Ethereum (ETH) a year ago with a vision to make the euro accessible across borders and time zones for anyone with an internet connection,” stated Joao Reginatto, VP of Product at Circle. “With the launch on Avalanche (AVAX), we are enabling developers and users to experience near-instant, more cost-effective transactions, opening up new  potential for payments, remittances, and 24/7 FX.”

Furthermore, Circle Account holders can now leverage Euro Coin liquidity on Avalanche (AVAX) for a variety of uses, including cryptocurrency trading, lending, custody and for making or accepting payments.

Circle as of now maintains two fiat-based crypto stablecoins including USD Coin, which tracks the United States dollar with a market cap of almost $29 billion. Euro Coin has a significantly lower market capitalization at $48 million, reports by CoinGecko data. 

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