​Circle launches euro-backed stablecoin on the Avalanche blockchain

What’s new? On May 25, Circle (the issuer of the USDC stablecoin) announced the launch of the Euro Coin (EUROC) stablecoin pegged to the Euro rate on the Avalanche network. According to the press release, the asset will provide faster and more efficient payments and financial services for developers and users. Bringing the asset to Avalanche will help increase euro liquidity and provide choices for global users who want to make transactions in both Euro Coin and USDC. Developers who support USDC in their applications will find it easy to integrate EUROC, as both coins are based on similar smart contracts.

Circle’s press release

What else does the Circle statement say? Joao Reginatto, VP of Product at Circle said that with the launch of EUROC “on Avalanche’s fast and efficient platform, we can help developers and their users experience near-instant, more cost effective financial transactions and unlock new possibilities for payments, remittances and 24/7 FX.”

For his part, John Nahas, Vice President of Business Development at Ava Labs noted the growing adoption of USDC, adding that he expects EUROC on Avalanche to do the same.

Circle account holders can access Euro Coin liquidity on Avalanche for trading or lending in crypto markets, custody, and making and accepting payments.

Circle added that many platforms, including BENQI, Cables, Coinbase Wallet, Core, Curve, Dexalot, GMX, MetaMask, NFT-TiX, Pangolin, Platypus, Shift Markets, and Trader Joe’s, will support stablecoin.

The company announced the launch of EUROC last June. In November, Circle reported on the launch of the Cross-Chain Transfer Protocol cross-chain bridge, as well as the expansion of EUROC support on the Solana blockchain. The initiative was expected to be implemented in the first half of 2023, and the bankrupt crypto exchange FTX intended to support EUROC deposits, withdrawals, and trading on Solana.

In May of this year, the issuer adjusted USDC reserves in favor of short-term US bonds in case of a possible default in the States. Circle CEO Jeremy Allaire said the company no longer holds Treasury bonds maturing after early June because it does not want to bear the risks of “a potential breach of the ability of the US government to pay its debts.”