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Circle launches euro-backed stablecoin on Avalanche

Crypto Ecosystems • May 25, 2023, 10:13AM EDT

Quick Take

  • Circle, the stablecoin issuer, launched the euro-backed Euro Coin on the Avalanche network.
  • Avalanche becomes the second blockchain to support the stablecoin, after Ethereum.

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Stablecoin issuer Circle has rolled out its Euro Coin stablecoin on the Avalanche  network, making it the second blockchain to support the asset following the initial launch on Ethereum last year.

Circle said the integration of Euro Coin will be straightforward for Avalanche applications that already support the USDC stablecoin. The expansion of Euro Coin to Avalanche indicates a growing demand for stablecoin diversity on multiple blockchains.

Several applications on Avalanche have shown interest in adding support for Euro Coin, Circle said in a statement, and decentralized finance applications on the Avalanche network including Benqi, Curve, Dexalot, GMX, Pangolin, Shift Markets, and Trader Joe are expected to integrate the stablecoin.

“We launched Euro Coin on Ethereum last year with a vision to make the euro accessible across borders and time zones for anyone with an internet connection,” said Joao Reginatto, VP of Product at Circle. “With the launch on Avalanche, we are enabling developers and users to experience near-instant, more cost-effective transactions, opening up new possibilities for payments, remittances, and 24/7 FX.”

Moreover, Circle Account holders can now leverage Euro Coin liquidity on Avalanche for a variety of uses, including crypto trading, lending, custody and for making or accepting payments.

Circle currently maintains two fiat-based stablecoins including USD Coin, which tracks the U.S. dollar with a market capitalization of almost $29 billion. Euro Coin has a significantly lower market cap at $48 million, according to CoinGecko data.