Circle, the company behind the USDC stablecoin, has recently announced the launch of its Euro-based stablecoin, EUROC, on the Avalanche Network. According to a tweet by Circle on May 25, the EUROC stablecoin is now available on Avalanche for developers, making it a multi-chain asset.
Circle also revealed that several leading ecosystem apps, including Curve Finance, GMX, Pangolin, Platypus, and Shift Markets, are already supporting the Euro Coin. According to Circle, EUROC is an always-on stablecoin that expands access to the euro globally. With both USDC and EUROC now available on Avalanche, users can enjoy new possibilities for multi-currency digital finance and 24/7 near-instant FX.
Circle believes that the addition of EUROC to Avalanche will not only enhance the liquidity of the Euro but also provide global users with the option to engage in euro transactions using Euro Coin. This development represents another milestone for Circle, which has been striving to compete with established stablecoins such as Tether.
In June 2022, Circle made an announcement about the Euro Coin, which is issued under a regulated framework with the same rules that govern USDC. According to Circle CEO Jeremy Allaire, the stablecoin would expand opportunities for payments, trade finance, commerce, and more. He also claimed that it was a symbol of a shift in crypto markets towards greater utility value from blockchain infrastructure.
Circle has been actively pursuing new initiatives in 2023. Recently, it launched a cross-chain transfer protocol that enables convenient use of USDC across networks. This move comes at a time when the supply of USDC has declined by 30% this year, resulting in a $13 billion drop in the stablecoin’s market cap. Allaire attributed this trend to investors seeking to reduce their exposure to risk in the US.
In addition to this, Circle is also targeting the European market. The company has applied with regulators to become a fully registered Digital Assets Service Provider.