- Circle has made a whole lot of move by launching Euro Coin on the Avalanche (AVAX) blockchain.
- EUROC has been introduced as a regulated stablecoin.
- The EUROC launch has allowed for broader access to the euro.
Circle, a prominent crypto stablecoin issuer, has unveiled Euro Coin (EUROC) on Avalanche (AVAX), an initiative to support quicker and more efficient payments and financial services for developers and users. The introduction of EUROC on Avalanche (AVAX) aligns with Circle’s comprehensive strategy to facilitate numerous blockchain tech networks.
Circle’s EUROC Crypto Token Now Available on Avalanche (AVAX) Platform
By incorporating EUROC into Avalanche (AVAX), the token’s stability and liquidity are enhanced, offering users the chance to participate in transactions denominated in euros in addition to the existing USD-backed crypto stablecoin, USD Coin (USDC).
EUROC was at the beginning launched by Circle a year ago as a regulated crypto stablecoin, meticulously backed by reserves in euros.
This innovative approach ensures that each EUROC crypto token corresponds to a tangible euro held under the custody of financial institutions regulated in the United States. The stringent backing mechanism instills trust and transparency into the crypto stablecoin, bolstering its reliability and value.
Joao Reginatto, the esteemed Vice President of Product at Circle, expressed his enthusiasm for the EUROC launch, which signifies greater accessibility to the euro for a broader audience.
Reginatto stated, " And once we introduced Euro Coin on Ethereum a year ago, our primary objective was to provide access to the euro for individuals across borders and time zones, utilizing nothing greater than an internet connection."
Decentralized Finance Enters Cross-Border & Multi-Currency Environment with EUROC
The integration of EUROC into the Avalanche (AVAX) ecological system offers developers and users a chance to participate in financial transactions that are it’s worth noting that more cost-effective.
Reginatto believes this advancement establish a fertile ground for exploring novel avenues in payments and remittances, propelling the boundaries of financial innovation.
John Nahas, the Vice President of Business Development at Ava Labs, anticipates a remarkable response to Euro Coin on the Avalanche (AVAX) blockchain.
Nahas foresees that the expanding realm of decentralized finance (DeFi) is transitioning into a cross-border and multi-currency environment, with the addition of EUROC accelerating its adoption across a wider worldwide audience.
Circle’s Innovative Protocol Enables USDC Cross-Chain Transfers
In parallel to the EUROC launch, Circle has recently introduced a pioneering protocol enabling seamless cross-chain transfers of USDC betwixt Ethereum (ETH) and Avalanche.
Implemented on April 26, this protocol revolutionizes the traditional bridge mechanism by burning coins on the sender chain and minting new ones on the recipient chain.
Circle’s commitment to innovative solutions reinforces its position as a leading force in the crypto stablecoin market, driving the industry forward with unprecedented advancements.
The other side
- The launch of EUROC on Avalanche (AVAX) may further fragment the crypto stablecoin market, as it adds another blockchain tech network to the already diverse landscape.
- Although while the integration of EUROC into Avalanche (AVAX) intends to strengthen liquidity, skeptics highlight the likelihood of decreased interoperability with other blockchain tech networks, limiting the seamless transferability of assets across different platforms.
- The burning and minting mechanism introduced by Circle for cross-chain transfers of USDC betwixt Ethereum (ETH) and Avalanche (AVAX) has received mixed reviews.
Why This Matters
This expansion of options for transacting in euros, alongside the existing USD-backed crypto stablecoin, not only enhances liquidity but likewise opens up new potential for cross-border payments and remittances.
To learn more about the present state of the crypto stablecoin market and its ongoing slump, read here:
Crypto Stablecoin Market Slumps for 14th Consecutive Month
To stay updated on the latest developments in the regulatory landscape and the EU proposition to reduce the danger weight for crypto stablecoins, read here:
EU Proposition Seeks to Lower Danger Weight for Stablecoins