Circle Launches EUROC Stablecoin on Avalanche
Circle, the second-largest stablecoin issuer in the market, has just launched Euro Coin (EUROC) on the Avalanche blockchain. This marks the second blockchain to support the EUROC stablecoin, following Ethereum.
Circle Launches EUROC Stablecoin on Avalanche
Circle announced that integrating Euro Coin will be straightforward for Avalanche applications that already support the USDC stablecoin. The expansion of EUROC today further solidifies Circle's cross-chain vision.
https://t.co/LdJsXJXkOh— Circle (@circle) May 25, 2023
Euro Coin (EUROC) is fully backed by euros rather than dollars, offering reliability comparable to USDC. Launched in June 2022, EUROC follows the ERC-20 standard on Ethereum.
According to the announcement, several Avalanche-based applications have started showing interest and integrating support for Euro Coin. These include Benqi, Curve, Dexalot, GMX, Pangolin, Shift Markets, and Trader Joe.
Joao Reginatto, Vice President of Product at Circle, stated:
“We launched Euro Coin on Ethereum last year with the vision of globally popularizing the euro. By bringing it to Avalanche, we are providing near-instant transaction capabilities at a lower cost for developers and everyday users. This also facilitates 24/7 payments and transfers.”
Moreover, Circle's clients can leverage the liquidity of Euro Coin on Avalanche for various purposes, including crypto trading, lending, staking, or payments.
Currently, Circle maintains two fiat-collateralized stablecoins: USDC, with a market cap of nearly $29 billion, available on over 10 blockchains, and Euro Coin (EUROC), with a smaller market cap of $48 million, according to CoinGecko.
Last week, Circle decided to shift a portion of its reserve assets away from U.S. Treasuries amid ongoing concerns about the U.S. debt crisis. Concurrently, its competitor Tether announced plans to move from government bonds to Bitcoin, with an investment allocation of up to 15% of its monthly profits.
