Circle, the creator of the USDC stablecoin, has introduced EUROC, a stablecoin denominated in Euros, on the Avalanche Network. In a tweet shared on May 25, Circle announced that its EUROC stablecoin has expanded to multiple blockchains and is now accessible on Avalanche for developers to utilize. Notably, Circle launched EUROC last year as a regulated stablecoin, which means that each token is fully backed by euro reserves held at United States-regulated financial institutions.
Furthermore, Circle mentioned that several prominent ecosystem applications such as Curve Finance, GMX, Pangolin, Platypus, and Shift Markets have already begun supporting EUROC. The stablecoin is described by Circle as follows:
“EuroCoin is an always-on stablecoin that expands access to the euro across the globe. With USDC and EuroCoin now both on Avalanche, users can experience new possibilities for multi-currency digital finance and 24/7 near-instant FX.”
Circle holds a strong conviction that the introduction of Euro Coin on the Avalanche Network will not only enhance the liquidity of the Euro but also provide “optionality to global users who wish to participate in euro transactions using Euro Coin.” This significant milestone demonstrates Circle’s ongoing efforts to compete with established stablecoins like Tether, highlighting the company’s commitment to innovation and growth in the stablecoin market.
The team at Circle emphasizes the security and trustworthiness of EUROC by asserting that the fiat euros supporting the stablecoin are held at reputable financial institutions. This commitment to transparency aims to instill confidence in users and further solidify the credibility of EUROC as a reliable digital representation of the Euro.
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