Circle Expands Euro-Backed Stablecoin to Avalanche

Fixedcoin issuer Circle has announced the launch of Euro Coin on Avalanche, the first of a series of anticipated multi-chain launches for the euro-backed stablecoin. According to Circle, incorporating Euro Coin into Avalanche apps that have already adopted the USDC stablecoin will be a simple process. The adoption of Euro Coin on the Avalanche blockchain platform reflects the growing need for a wider range of stablecoin options across various blockchain networks. Joao Reginatto, Vice President of Product at Circle, said:

“We launched it on Ethereum last year with the vision of making Euro Coin accessible across borders and time zones for anyone with an internet connection. With the launch of Euro Coin on the Avalanche network after Ethereum, we are opening up new possibilities for payments and remittances, enabling developers and users to experience more cost-effective transactions almost instantly.”

It is said that bringing Euro Coin to Avalanche could help increase euro liquidity. It was also noted that it will provide options to global users who want to trade in Euros with Euro Coin and USDC in US Dollars. According to Circle’s statement, a number of apps on the Avalanche platform have expressed their tendency to include Euro Coin. Various decentralized finance (DeFi) applications operating on the Avalanche network, such as Benqi, Curve, Dexalot, GMX, Pangolin, Shift Markets, and Trader Joe’s, are predicted to assimilate the stablecoin.

In addition, individuals with Circle accounts will now be able to use the liquidity of Euro Coins on the Avalanche platform for a multitude of purposes, such as trading cryptocurrencies, providing loans, protecting assets and transacting. Circle currently maintains a pair of fiat-based stablecoins, one of which is the USD Coin. This stablecoin was designed to reflect the value of the US Dollar and has a market cap of approximately $29 billion. According to data provided by CoinGecko, the market cap of Euro Coin is quite low at $48 million.