Circle Selects Avalanche Blockchain to Release Euro-Pegged Stablecoin
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On Thursday, Circle Financial revealed the expansion of its euro-pegged cryptocurrency, EUROC, to the Avalanche (AVAX) blockchain. According to Circle, the initiative has received support from several decentralized finance (defi) protocols and programs. Circle introduced EUROC, a fiat-pegged token, as its second major token after USDC. According to etherscan.io, the EUROC stablecoin has around 47.11 million units in circulation, having been initialized as an ERC20 token on the Ethereum blockchain. Currently, the stablecoin backed by the euro and issued by Circle is held by 1,381 different addresses based on Ethereum.
Euro stablecoin, EUROC, developed by Circle, has been integrated into the Avalanche (AVAX) blockchain. The AVAX blockchain uses a proof-of-stake (PoS) consensus mechanism. The announcement was made by Circle through their Twitter account. The official announcement has been made by Circle at [EUROC] is now operational on [Avalanche] as a multi-chain platform.
According to the company, the use of the euro-backed stablecoin on Avalanche by developers can result in creating faster and more efficient solutions for users. This can enable flexible transactions, deposits, lending, loans and other financial activities.
Circle observed that EUROC had received support from prominent decentralized finance (DeFi) applications and protocols, including Curve Finance, Cable Finance, Trader Joe’s, Pangolin Dex and Benqi. In a blog post released on Thursday, Circle declared that companies that meet the criteria and have a Circle Account can now access EUROC liquidity on Avalanche.
Circle’s recent action comes in response to the reduction in the market value of its stablecoin, USD Coin (USDC), which has fallen from a peak of $55.9 billion on June 22, 2022, to a current value of $29.07 billion. According to the data, the market value of USDC has experienced a decline of 47.99% over the previous eleven months. Compared to the over 10,000 cryptocurrencies listed on Coingecko.com, EUROC has a rank of 410. The market cap of EUROC is only 0.004% of the total cryptocurrency market of $1.15 trillion, while USDC has a share of 2.519%.
In recent years, Circle has established itself as a significant player in the cryptocurrency industry by prioritizing regulatory compliance, transparency and promoting stablecoin infrastructure. The recognition received by the company from both the crypto community and traditional financial institutions has contributed to increased trust in and use of digital assets.
The integration of Circle’s stablecoin into the Avalanche blockchain is indicative of the growing need for stablecoin remedies and the growing fascination with the benefits of blockchain technology. As blockchain networks continue to collaborate and integrate stablecoins, it is expected that there will be significant progress in decentralized finance, international transactions and global financial inclusion.
The move by Circle to extend the euro-pegged stablecoin to the Avalanche blockchain is a notable development aimed at improving the accessibility and functionality of digital assets. Circle aims to address the growing need for stablecoin solutions in various applications, including decentralized finance and cross-border transfers, by leveraging the scalability and efficiency of the Avalanche network.
Circle’s focus on regulatory compliance and transparency has positioned the company as a trusted player in the cryptocurrency sector, earning admiration from both the crypto community and conventional financial businesses. The integration demonstrates the potential of blockchain technology to transform the global financial sector and facilitate widespread acceptance of digital assets.
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