Circle Unveils New Stablecoin On The Avalanche Blockchain

Circle Unveils New Stablecoin On The Avalanche Blockchain

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Circle, a leading stablecoin issuer, has introduced Euro Coin (EUROC) on Avalanche, marking a strategic step towards providing faster and more efficient payment solutions and financial services to developers and users.

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 improves the liquidity of the stablecoin and gives users the flexibility to trade 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, meeting the diverse needs of users and promoting greater use of stablecoin-based financial services.

John Nahas, vice president of business development at Ava Labs, expects a positive response and widespread adoption of Euro Coin on the Avalanche blockchain.

Nahas believes that the decentralized financial sector (DeFi) is developing towards a more inclusive, multi-currency and cross-border ecosystem. By including Euro Coin in the mix, the adoption of stablecoin-based financial services is expected to accelerate, reaching a wider 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 only lock tokens to their respective contracts, this new protocol enables burning of coins on the sender chain and subsequent minting of new coins on the receiver chain.

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Joao Reginatto, VP of Product at Circle, quoted,

We launched Euro Coin on Ethereum last year with a vision to make the euro available across borders and time zones to anyone with an internet connection. With the launch of Avalanche, we’re 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 a number of 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’s, are expected to include the Euro Coin stablecoin in their platforms.

This means the growing adoption and recognition of Euro Coin in the DeFi ecosystem, as it offers users and developers at Avalanche additional opportunities and functionality to leverage the stablecoin in their financial activities.

As the landscape of DeFi undergoes continuous development and expansion, this move serves as a notable first step towards unlocking further exciting opportunities within this rapidly evolving domain.

Circle currently manages two fiat-based stablecoins, each of which acts as a digital representation of a specific currency. USD Coin (USDC) is pegged to the US dollar and has gained significant market capitalization, amounting to nearly $29 billion. On the other hand, Euro Coin (EUROC) has a comparatively smaller market cap of $48 million.

Bitcoin was priced at $26,400 on the one-day chart | Source: BTCUSD on TradingView

Featured image from UnSplash, chart from TradingView.com

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