Stablecoin Issuer Circle Debuts its Euro-Backed Stablecoin EUROC on Avalanche

Circle’s Joao Reginatto claims the launch on Avalanche will allow EUROC users to experience “more cost-effective” financial transactions.

Stablecoin issuer Circle has taken a notable stride in the world of digital currency by launching its Euro Coin (EUROC) on the Avalanche blockchain.

In an official statement, Circle unveiled that this launch plays a significant part in its multi-chain strategy for EUROC.

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The availability of EUROC on Avalanche is poised to enhance liquidity and offer users the flexibility to transact in euros alongside the USD-backed stablecoin, USD Coin (USDC).

Joao Reginatto, Circle’s Vice President of Products, emphasized the wider accessibility this launch presents for anyone wanting to use euro-based cryptocurrencies. Reginatto expounded:

When we first introduced Euro Coin on Ethereum last year, we wanted anyone with an internet connection to have access to the euro across borders and time zones.

He further asserted that the token transition to Avalanche will enable developers and users to experience “more cost-effective” financial transactions, thereby fostering innovative possibilities for payments and remittances.

Echoing the optimism, John Nahas, the Vice President of Business Development at Ava Labs, anticipates “great feedback and usage of Euro Coin” on the Avalanche blockchain.

Introduced last year, EUROC operates as a regulated stablecoin, with each token entirely backed by euro reserves. This indicates that for every EUROC token, an equivalent euro is held in custody at financial institutions regulated by the United States.

Adding another feather to its cap, Circle has recently introduced a protocol allowing for cross-chain transfers of USDC between Ethereum and Avalanche. This protocol, launched on April 26th, burns coins on the sender’s chain while minting new ones on the recipient’s chain marking a significant deviation from traditional bridges that lock tokens to their contract.

The debut of Circle’s Euro Coin (EUROC) on the Avalanche blockchain is a significant milestone in the crypto world. This move, aimed at enhancing the speed and efficiency of financial services, opens the doors to wider possibilities in the DeFi space.