Circle Launches EuroCoin Stablecoin on Avalanche Blockchain

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Компания Circle сообщила, что ее Euro Coin (EUROC) stablecoin, pegged to the euro, is supported by the Avalanche ecosystem. This will allow any EUROC transaction between the Avalanche and Ethereum networks.

The stablecoin EUROC appeared in 2022.It was originally issued as an ERC-20 token on the Ethereum blockchain. The developers promised that it would provide faster and more efficient trading in the foreign exchange market, as well as expanded access to the euro around the world. According to Etherscan, there are currently about 47.11 million EUROC in circulation.

The company announced on Twitter that EUROC willbe hosted on the Avalanche blockchain, which uses the Proof-of-Stake (PoS) consensus algorithm. This will provide users with more efficient solutions for sending, making payments, storing and issuing loans.

Businesses and institutions can open an accountCircle to access Avalanche EUROC liquidity. Using the Circle account and the Circle API, Euro Coin transactions can be easily made between the Ethereum and Avalanche networks, the company said. EUROC is already supported by several DeFi applications and protocols, namely Curve, GMX and Trader Joe.

Let's remember that in November Circle announcedplans to launch the stablecoin EuroCoin on the Solana blockchain, which is considered the main competitor of Ethereum. In March, Circle applied to French regulators for two licenses to ensure that the EUROC stablecoin complies with the European Union's Markets in Crypto-Assets (MiCA) regulations.