On Thursday, the crypto stablecoin issuer Circle Financial announced that the euro-pegged cryptocurrency investment EUROC is expanding natively on the Avalanche (AVAX) blockchain tech. Reports by Circle, plenty of (DeFi) (defi) protocols and projects are supporting the new AVAX- announced EUROC asset.
Circle’s EUROC Crypto Stablecoin Finds New Home on Avalanche (AVAX) Blockchain
About 11 months ago, Circle launched the euro crypto stablecoin was known euro coin (EUROC) as its Second major fiat-pegged crypto token, following usd coin (USDC). The EUROC crypto stablecoin was at the beginning launched on the Ethereum (ETH) blockchain tech as an ERC20 crypto token. As of now, there are approximately 47.11 Million EUROC in circulation, reports by statistics from etherscan.io. The euro-backed crypto stablecoin announced by Circle is held by 1,381 unique Ethereum-based addresses.
On Twitter platform, Circle announced that EUROC will now be hosted natively on the proof-of-stake (PoS) blockchain tech Avalanche (AVAX) (AVAX). “It is official, [EUROC] is now multi-chain and live on [Avalanche] today,” Circle tweeted. “Developers can build on top of [eurocoin] on Avalanche (AVAX) to deliver quicker, more efficient solutions for users to send, spend, save, lend, and borrow with a fully reserved, euro-backed stablecoin,” the company added.
Circle further noted that EUROC already has support from key Decentralized 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 “access to Avalanche (AVAX) EUROC liquidity for qualified enterprises with a Circle Account.”
Circle’s latest move comes after the market cap of the firm’s crypto stablecoin usd coin (USDC) dropping from a high of $55.9 Billion on June 22, 2022, to the present $29.07 billion. The data shows that over the last 11 months, USDC’s market capitalization dropped by 47.99%. In comparison, EUROC is much smaller and holds the 410th position out of greater than 10,000 cryptocurrency assets listed on Coingecko.com. EUROC’s market valuation accounts for 0.004 percent of the entire $1.15 trillion cryptocurrency market economy, while USDC represents 2.519%.