The EUROC stablecoin, launched by Circle on Ethereum (ETH) in June 2022, is now rolling out to Avalanche (AVAX), after entering Solana (SOL). This integration will allow Avalanche users to take advantage of a euro-backed stablecoin thus offering numerous possibilities for trading, saving, lending and borrowing within the large ecosystem offered by Avalanche.
EUROC arrives on Avalanche
The Euro Coin (EUROC), the stablecoin backed by the euro and launched by the giant Circle on the Ethereum (ETH) blockchain in June 2022, arrives in the ecosystem of Avalanche (AVAX) and thus confirms its multi-chain future a few months after arriving on Solana (SOL).
1/ It is official, #EuroCoin is now multi-chain and live on @avax today: https://t.co/rzlgtMcYKc
— Circle (@circle) May 25, 2023
This will allow Avalanche users to enjoy a stablecoin backed by the euro natively, whether to exchange, spend, save, lend or even borrow through the tools of decentralized finance (DeFi) offered by the rich ecosystem of Avalanche. Of course, EUROC can also be integrated natively into existing and future applications.
👉 Learn all about Circle’s EUROC stablecoin
According to the press release, companies benefiting from a Circle professional account will thus be able to obtain simplified access to liquidity exchanges between the Ethereum blockchain and Avalanche, in particular thanks to APIs.
As endorsed by Joao Reginatto, VP Product at Circlethe arrival of the EUROC allows everyone to have simpler access to the euro:
“When we first introduced the Euro Coin on Ethereum last year, we wanted anyone with an internet connection to be able to access the Euro across borders and time zones. »
As a stablecoin, and just like USDC for the dollar, EUROC is insured at a minimum at a ratio of 1 to 1 with the reserves of Circle housed in the United States in regulated facilities.
Circle’s EUROC currently has a market capitalization of just over $51 million. It is the third euro stablecoin by market capitalization of the market, behind Tether’s EURT ($220 million) and Statis’ EURT ($133 million).
👉 On the same subject – Circle unveils its CCTP bridge, one of the most ambitious products in its history
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Source: Press release
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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