Circle launches fully reserved euro-backed stablecoin on Avalanche
“DeFi continues to expand into a multi-currency, cross-border environment – delivering a trusted and fully reserved euro stablecoin like Euro Coin will greatly accelerate the adoption of instant payments and remittances to a much larger swath of the world.”
Circle has launched Euro Coin on Avalanche, the first in a series of expected multi-chain launches for the fully reserved euro-backed stablecoin to help deliver faster, more efficient payments and financial services for developers and their users.
The blockchain specialist issuer of USDC and Euro Coin is bringing the latter natively to Avalanche to help increase euro liquidity and provide optionality to global users who wish to transact in euros with Euro Coin, as well as in U.S. dollars with USDC.
Avalanche developers who support USDC in their apps will find it easy to integrate Euro Coin as the two Circle-issued stablecoins are based on similar smart contract designs.
“Access to the euro across borders and time zones”
Joao Reginatto, VP of Product at Circle, said: “When we first introduced Euro Coin on Ethereum last year, we wanted anyone with an internet connection to have access to the euro across borders and time zones. By launching Euro Coin 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.”
John Nahas, Vice President of Business Development at Ava Labs, commented: “Bringing Euro Coin to the Avalanche blockchain is a pivotal moment for Avalanche, and opens new possibilities for our developers and end users. We continue to see great adoption and volume behind Circle’s USDC, and expect great feedback and usage of Euro Coin on Avalanche. DeFi continues to expand into a multi-currency, cross-border environment – delivering a trusted and fully reserved euro stablecoin like Euro Coin will greatly accelerate the adoption of instant payments and remittances to a much larger swath of the world.”
Circle Account holders can now access Euro Coin liquidity on Avalanche to trade or lend in crypto capital markets, custody, or make and accept payments with Euro Coin on Avalanche.
Leading apps and wallets will support Euro Coin on Avalanche, including: BENQI, Cables, Coinbase Wallet, Core, Curve, Dexalot, GMX, MetaMask, NFT-TiX, Pangolin, Platypus, Shift Markets and Trader Joe.
Euro Coin acts as a sort of safe haven to park assets in volatile markets
It was in June 2022 that Circle launched Euro Coin (EUROC), issued under the same full-reserve model as Circle’s USD Coin (USDC). Created to satisfy euro-biased crypto enthusiasts, Circle believes that the new token can provide protection during periods of extreme volatility in the market while improving the risk and return metrics of crypto-investment portfolios.
Similarly to USDC, EUROC is fiat-collateralized with each stablecoin unit backed by a corresponding unit of Euro. Specifically, Silvergate Bank will act as the initial custodian for Euro Coin to ensure it’s always 100% backed by fiat money held in euro-denominated banking accounts.
Acting as a sort of safe haven where crypto traders can park their assets in volatile markets, EUROC is an Ethereum-based ERC-20 coin, which makes it easy for wallets, exchanges and other smart contracts to interact with the token.
