Stablecoin issuer Circle announced on Thursday that it had launched its euro-backed stablecoin, Euro Coin, on the Avalanche network. Circle revealed the launch in a blog post, implying that Avalanche is the second blockchain that supports the coin after Ethereum.
“Today we’re bringing Euro Coin natively to Avalanche, which now makes Euro Coin the latest Circle-issued stablecoin to go multi-chain. Avalanche EUROC is now available to efficiently send, spend, save, lend, and borrow in the innovative Avalanche ecosystem,” Circle stated.
The EUROC was launched on June 30th, 2022, in the Ethereum network to provide support for Euros. The euro-backed stablecoin is made with the same full-reserve model as USDC and is redeemed on a 1:1 peg with euros.
Only USDC-Supported Avalanche Applications
Circle stated that EUROC would only be available for Avalanche applications that support USDC. The stablecoin issuer believes that the launch on Avalanche would help increase euro liquidity and provide multi-chain options for users worldwide to transact with EUROC.
Sequel to the launch, many projects on the Avalanche network have already indicated an interest in integrating Euro Coin, Circle stated. Avalanche projects such as Shift Market, Trader Joe, Benqi, Curve, Coinbase wallet, MetaMask, Platypus, Dexalot, GMX, and Pangolin are all in line to adopt the stablecoin.
Speaking on the launch, the vice president of product at Circle, Joao Reginatto, stated that the debut of EUROC on Avalanche’s fast and efficient platform would enable developers to build on Euro Coin and provide a better user experience and lower-cost financial transactions.
EUROC Open to Institutions
Circle noted that institutions and businesses could also access Euro Coin by opening a Circle Account, enabling them to use EUROC for treasury and swift payments and participate in Avalanche’s crypto capital markets.
Avalanche’s business development vice president, John Nahas, noted that the integration would attract adoption among its developers and users. He also stated that DeFi would “continue to expand into a multi-currency environment” and keep attracting trusted stablecoins like Euro Coin. Avalanche has continued to attract top projects, having already partnered with Sushi and Tether in the past.
