Circle Launches EUROC on Avalanche Blockchain

  • Circle launched EUROC on Ethereum last year and announced plans to expand to other chains.
  • John Nahas, vice president of business development at Ava Labs, believes EUROC on Avalanche will receive wide adoption.

Stablecoin issuer Circle has announced the launch of its euro-backed stablecoin, Euro Coin (EUROC), on Avalanche. The launch signifies Circle’s ambition to provide faster and more reliable payment services for its users.

In an official statement, Circle noted that the launch of its Euro Coin on Avalanche would provide its users with the option of transacting in euros in addition to its existing dollar-backed USDC stablecoin. Circle further stated that the launch is part of its multi-chain strategy.

Circle launched the Euro Coin last June as a regulated stablecoin entirely backed by euro reserves. EUROC was initially launched on the Ethereum blockchain as an ERC-20 token, with plans to expand to other chains.

Circle’s vice president of products, Joao Reginatto, explained that launching EUROC was part of Circle’s plans to simplify access to the euro. He explained that launching EUROC was to help “anyone with an internet connection 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,” Reginatto said.

Interestingly, developers who use USDC in their applications can easily integrate Euro Coin since both stablecoins are based on comparable smart contract designs. Thanks to this integration, Circle Account holders will have access to EUROC liquidity on Avalanche for payments, trading, custody, and lending on cryptocurrency capital markets.

Reacting to the launch of EUROC on Avalanche, John Nahas, Vice President of Business Development at Ava Labs, said,

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.

Nahas added that “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.”

Some of the apps and wallets to support EUROC on Avalanche include BENQI, Trade Joe, MetaMask, Cables, Pangolin, Curve, Core, GMX, NFT-TiX, Dexalot, Shift Markets, Platypus, and Coinbase Wallet.

Lawrence Woriji
Lawrence Woriji Verified Author

I have covered some exciting stories in my career as a journalist and find blockchain-related stories very intriguing. I believe Web3 will change the world and want everyone to be a part of it.

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