USDC stablecoin issuer Circle recently launched Euro Coin on the Avalanche protocol to exploit the network’s blazing transaction speed.
Circle has launched a euro-based stablecoin on the Avalanche blockchain to deliver prompt and efficient payments and financial services. The Euro Coin (EUROC) launch is the first of a series of anticipated multi-chain launches to aid developers and users. According to Circle’s team, Euro Coin availability on Avalanche increases liquidity and provides users an additional transactional option alongside USD Coin (USDC). Last year, Circle launched EUROC as a regulated stablecoin backed 100% by euro reserves. Each Euro Coin has an equivalent euro held in custody at financial institutions regulated by the US government.
Execs Weigh In on Circle Euro Stablecoin
VP of Product at Circle, Joao Reginatto, commented on 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 senior executive also said:
“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. 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.”
Meanwhile, John Nahas, Vice President of Business Development at Avalanche developer Ava Labs also discussed the possibilities of Euro Coin. Describing the arrival EUROC on Avalanche as a “pivotal moment” that unlocks “new possibilities 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 usage of Euro Coin on Avalanche.”
Furthermore, the Ava Labs Business Development VP added that the “trusted and fully reserved” EUROC token would accelerate decentralized finance (DeFi) adoption. Nahas opined that DeFi continues to make inroads into a “multi-currency, cross-border environment” via instant payments and remittances, and Euro Coin would be an additional boon.
Several popular wallets and apps would 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, and Platypus.
Avalanche – The New Euro Stablecoin’s Host
Avalanche is a decentralized open-source proof-of-stake network that can finalize transactions in less than a second. The blockchain uses smart contract functionality to aid Web3 development and has comprehensive toolkits to create robust, custom blockchain solutions. Avalanche’s native digital currency is AVAX.
Ava Labs is the developer behind Avalanche and seeks to facilitate the seamless digitization of disparate assets on a single open-source blockchain. Since its 2018 inception, the company has received funding from several established investors, including Andreessen Horowitz (a16z) and Polychain Capital.
Founded in 2013 by Jeremy Allaire and Sean Neville as a peer-to-peer payments technology company, Circle created and began issuing USDC. The Boston-based global fintech also assists various kinds of business scales in tapping into the power of digital currencies. In addition, Circle aids businesses in leveraging public blockchains for transactional, commercial, and financial applications.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
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