Euro Coin: Circle Launches Stablecoin on Avalanche Blockchain to Facilitate Fast and Efficient Payment Systems

Circle has launched a euro-based stablecoin on the Avalanche blockchain to deliver fast and efficient payments and financial services. The Euro Coin (EUROC) launch is the first of a series of anticipated multi-chain launches to help developers and users. According to Circle’s team, the availability of Euro Coin on Avalanche increases liquidity and gives users an additional transaction option alongside USD Coin (USDC). Last year, Circle launched EUROC as a regulated stablecoin backed by 100% of Euro reserves. Each euro coin has a corresponding euro in the custody of financial institutions regulated by the US authorities.

Execs Weigh In On Circle Euro Stablecoin

VP of Product at Circle, Joao Reginatto, commented on the benefits of the Euro stablecoin. According to Reginatto, Avalanche developers with apps that support USDC can easily integrate EUROC because both stablecoins have similar contract designs. The circle’s top manager also said:

“When we first introduced Euro Coin on Ethereum last year, we wanted everyone with an internet connection to have access to Euros across borders and time zones. By launching Euro Coin on Avalanche’s fast and efficient platform, we can help developers and their users to experience near-instant, more cost-effective financial transactions and unlock new opportunities for payments, remittances and 24/7 FX.

Meanwhile, John Nahas, Vice President of Business Development at Avalanche developer Ava Labs also discussed the possibilities of Euro Coin. Describing the arrival of EUROC on Avalanche as an “important moment” that opens up “new opportunities for our developers and end users,” Nahas said:

“We continue to see great adoption and volume behind Circle’s USDC and expect great feedback and adoption of Euro Coin on Avalanche.”

Furthermore, Ava Labs Business Development VP added that the “trusted and fully reserved” EUROC token would accelerate decentralized finance (DeFi) adoption. Nahas believed that DeFi continues to make inroads into a “multi-currency, cross-border environment” via instant payments and transfers, and Euro Coin would be an added boon.

Several popular wallets and apps will support Euro Coin on the Avalanche blockchain. These include Coinbase Wallet, Core, MetaMask, Curve, Dexalot, BENQI, Cables, GMX, NFT-TiX, Pangolin, Shift Markets, Trader Joe’s and Platypus.

Avalanche – The New Euro Stablecoin Host

Avalanche is a decentralized open source proof-of-stake network that can complete transactions in less than a second. The blockchain uses smart contract functionality to aid Web3 development and has extensive toolsets for creating robust, custom blockchain solutions. Avalanche’s native digital currency is AVAX.

Ava Labs

Ava Labs is the developer behind Avalanche and seeks to facilitate the seamless digitization of various assets on a single open source blockchain. Since its inception in 2018, the company has received funding from several established investors, including Andreessen Horowitz (a16z) and Polychain Capital.

Circle

Founded in 2013 by Jeremy Allaire and Sean Neville as a peer-to-peer payment technology company, Circle began issuing USDC. The Boston-based global fintech also helps various types of businesses scale to harness the power of digital currencies. In addition, Circle helps businesses leverage public blockchains for transactional, commercial and financial applications.

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