Circle Launches Euro Stablecoin on Avalanche Network

Circle Launches Euro Stablecoin on Avalanche Network

Circle launches EUROC stablecoin on Avalanche Network, expanding access to the euro across the globe and offering users new possibilities for multi-currency digital finance and 24/7 near-instant FX.

Circle has launched its Euro Coin (EUROC) crypto stablecoin on the Avalanche (AVAX) Network. Plenty of dApp ecological systems already support the Euro-based stablecoin.

Circle, the issuer of the USDC crypto stablecoin, has launched its Euro-based crypto stablecoin was known EUROC on the Avalanche (AVAX) Network. In a tweet published on May 25, Circle stated that its EUROC crypto stablecoin had gone multi-chain and was available on Avalanche (AVAX) for developers on top of.

The issuer likewise indicated that numerous leading ecological system applications are already supporting Euro Coin, including Curve Finance, GMX, Pangolin, Platypus, and Shift Markets. Circle stated the EUROC crypto stablecoin as follows,

“EuroCoin is an always-on crypto stablecoin that expands access to the euro across the globe. With USDC and EuroCoin now both on Avalanche (AVAX), users can experience new  potential for multi-currency digital finance and 24/7 near-instant FX.”

Circle firmly thinks that bringing the Euro Coin to Avalanche (AVAX) won’t be only bolster the liquidity of the Euro but likewise offer “optionality to worldwide users who desire to participate in euro transactions using Euro Coin.” This development marks is still another stride for Circle. The company has diligently strived to compete with well- established crypto stablecoins such as Tether.

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EUROC Crypto 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 crypto stablecoin would expand opportunities for payments, trade finance, commerce, and more. He went on to assert that it was “symbolic of a shift in cryptocurrency markets towards greater and greater utility value from blockchain tech infrastructure.”

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 has decreased by 30 percent in the year. The USDC stablecoin’s market capitalization has decreased by $13 billion. Allaire stated this was a result of investors wishing to move danger out of the U.S.

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In addition, Circle is likewise targeting the European market. The issuer has applied with regulatory authorities to become a fully registered Digital Assets Service Provider.


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