On Thursday, the cryptoย stablecoin issuer Circle Financial announced that the euro-pegged cryptocurrency investment EUROC is expanding natively on the Avalancheย (AVAX) blockchainย tech. Reportsย by Circle, plentyย of (DeFi) (defi) protocols and projects are supporting the new AVAX- announced EUROC asset.
Circleโs EUROC Cryptoย Stablecoin Finds New Home on Avalancheย (AVAX) Blockchain
About 11 months ago, Circle launched the euro cryptoย stablecoin wasย known euro coin (EUROC) as its Second major fiat-pegged cryptoย token, following usd coin (USDC). The EUROC cryptoย stablecoin was atย theย beginning launched on the Ethereumย (ETH) blockchainย tech as an ERC20 cryptoย token. Asย ofย now, there are approximately 47.11 Million EUROC in circulation, reportsย by statistics from etherscan.io. The euro-backed cryptoย stablecoin announced by Circle is held by 1,381 unique Ethereum-based addresses.
Onย Twitterย platform, Circle announced that EUROC will now be hosted natively on the proof-of-stake (PoS) blockchainย tech Avalancheย (AVAX) (AVAX). โIt is official, [EUROC] is now multi-chain and live on [Avalanche] today,โ Circle tweeted. โDevelopers can build on top of [eurocoin] on Avalancheย (AVAX) to deliver quicker, more efficient solutions for users to send, spend, save, lend, and borrow with a fully reserved, euro-backed stablecoin,โ the company added.
Circle further noted that EUROC already has support from key Decentralizedย Finance applications and protocols like Curve Finance, Cable Finance, Trader Joe, Pangolin Dex, Benqi, and others. In a blog post published on Thursday, Circle stated that it likewise offers โaccess to Avalancheย (AVAX) EUROC liquidity for qualified enterprises with a Circle Account.โ
Circleโs latest move comesย after the marketย cap of the firmโs cryptoย stablecoin usd coin (USDC) dropping from a high of $55.9 Billion on June 22, 2022, to theย present $29.07 billion. The data shows that over the last 11 months, USDCโs marketย capitalization dropped by 47.99%. In comparison, EUROC is much smaller and holds the 410th position out of greaterย than 10,000 cryptocurrency assets listed on Coingecko.com. EUROCโs market valuation accounts for 0.004 percent of the entire $1.15 trillion cryptocurrencyย market economy, while USDC represents 2.519%.
