Circle launches euro-backed stablecoin on the Avalanche blockchain
The asset will provide faster and more efficient payments and financial services for developers and users
26.05.2023 - 09:30
233
2 min
0
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.
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.”
Useful material?
Market
Users who have experienced withdrawal problems in the last two days will be eligible to participate
Mar 28, 2024
Market
Last July, a criminal investigation into the exchange was opened by the US authorities
Mar 27, 2024
Market
The unrealized profit from the deal was $8,9 million
Mar 26, 2024
Incidents
The phasing out began on March 25
Mar 25, 2024
Crypto regulations
The new measures must go through additional stages of approval
Mar 25, 2024
Incidents
The popularity of this kind of project launch format has already led to blockchain overload
Mar 20, 2024