Circle has launched its Euro Coin (EUROC) cryptoย stablecoin on the Avalancheย (AVAX) Network. Plentyย of dApp ecologicalย systems already support the Euro-based stablecoin.
Circle, the issuer of the USDC cryptoย stablecoin, has launched its Euro-based cryptoย stablecoin wasย known EUROC on the Avalancheย (AVAX) Network. In a tweet published on May 25, Circle stated that its EUROC cryptoย stablecoin had gone multi-chain and was available on Avalancheย (AVAX) for developers on top of.
The issuer likewise indicatedย that numerous leading ecologicalย system applications are already supporting Euro Coin, including Curve Finance, GMX, Pangolin, Platypus, and Shift Markets. Circle stated the EUROC cryptoย stablecoin as follows,
โEuroCoin is an always-on cryptoย stablecoin that expands access to the euro across the globe. With USDC and EuroCoin now both on Avalancheย (AVAX), users can experience newย potential for multi-currency digital finance and 24/7 near-instant FX.โ
Circle firmly thinksย that bringing the Euro Coin to Avalancheย (AVAX) wonโt be only bolster the liquidity of the Euro but likewise offer โoptionality to worldwide users who desire toย participate in euro transactions using Euro Coin.โ This development marks isย still another stride for Circle. The company has diligently strived to compete with well- established cryptoย stablecoins such as Tether.
EUROC Cryptoย Stablecoin 1st Launched in 2022
Circle 1st announced the Euro Coin in June 2022. Euro Coin is announced under a regulated framework, with the same regulations that govern USDC.
In the original notice, Circle CEO Jeremy Allaire stated that the cryptoย stablecoin would expand opportunities for payments, trade finance, commerce, and more. He went on to assertย that it was โsymbolic of a shift in cryptocurrency markets towards greater and greater utility value from blockchainย tech infrastructure.โ
Circle Supply Takes a Hit as It Targets New Markets
Circle has been busy in 2023. Most recently, it launched a cross-chain transfer protocol that allows USDC to be conveniently used across networks. It comes at a time when USDC supply hasย decreased by 30 percent inย theย year. The USDC stablecoinโs marketย capitalization hasย decreased by $13 billion. Allaire stated this was a result of investors wishing to move danger out of the U.S.
Inย addition, Circle is likewise targeting the European market. The issuer has applied with regulatoryย authorities to become a fully registered Digital Assets Service Provider.
