This launch is part of Circle’s comprehensive multi-chain strategy for EUROC, aimed at expanding its reach and functionality.
By offering EUROC on the Avalanche network, Circle enhances the liquidity of the stablecoin and empowers users with the flexibility to transact in euros, complementing their existing USD-backed stablecoin, USD Coin (USDC).
This development opens up new avenues for seamless and convenient transactions in both euros and US dollars, catering to the diverse needs of users and fostering greater adoption of stablecoin-based financial services.
John Nahas, the Vice President of Business Development at Ava Labs, anticipates a positive response and widespread utilization of Euro Coin on the Avalanche blockchain.
Nahas believes that the decentralized finance (DeFi) sector is evolving towards a more inclusive, multi-currency, and cross-border ecosystem. By incorporating Euro Coin into the mix, the adoption of stablecoin-based financial services is expected to accelerate, reaching a broader global audience.
Circle Enabled Cross-Chain USDC Transfer Between Ethereum and Avalanche
This move marks a significant milestone as Avalanche becomes the second blockchain platform to support Euro Coin, following its initial launch on Ethereum last year.
On April 26, the team introduced a groundbreaking protocol that revolutionizes the concept of token bridges. Unlike traditional bridges that merely lock tokens to their respective contracts, this new protocol enables the burning of coins on the sender chain and the subsequent minting of new coins on the recipient chain.
Joao Reginatto, VP of Product at Circle, quoted,
We launched Euro Coin on Ethereum last year with a vision to make the euro accessible across borders and time zones for anyone with an internet connection. With the launch of Avalanche, we are enabling developers and users to experience near-instant, more cost-effective transactions, opening up new possibilities for payments, remittances, and 24/7 FX.
Circle has announced that numerous applications on the Avalanche network have expressed interest in integrating support for Euro Coin.
Various decentralized finance (DeFi) applications on Avalanche, including Benqi, Curve, Dexalot, GMX, Pangolin, Shift Markets, and Trader Joe, are expected to include the Euro Coin stablecoin in their platforms.
This signifies the growing adoption and recognition of Euro Coin within the DeFi ecosystem, as it offers users and developers on Avalanche additional opportunities and functionality to leverage the stablecoin in their financial activities.
As the landscape of DeFi undergoes continuous evolution and expansion, this move serves as a noteworthy initial step towards unlocking further exciting possibilities within this rapidly developing domain.
Circle presently manages two fiat-based stablecoins, each serving as a digital representation of a specific currency. USD Coin (USDC) is pegged to the U.S. dollar and has garnered substantial market capitalization, amounting to nearly $29 billion. On the other hand, Euro Coin (EUROC) possesses a comparably smaller market capitalization at $48 million.
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