June 7, 2023

Circle Launches EuroCoin Stablecoin on Avalanche Blockchain

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Circle Launches EuroCoin Stablecoin on Avalanche Blockchain

Circle announced that its Euro stablecoinEuro-pegged coin (EUROC) is backed by the Avalanche ecosystem. This will allow any EUROC transactions to be made between the Avalanche and Ethereum networks.

EUROC stablecoin appeared in 2022.It was originally released as an ERC-20 token on the Ethereum blockchain. The developers promised that it will provide faster and more efficient trading in the foreign exchange market, as well as increased 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 willhosted on the Avalanche blockchain using the Proof-of-Stake (PoS) consensus algorithm. This will provide users with more efficient solutions for sending, making payments, storing and issuing loans.

Companies and institutions can open an accountCircle to access Avalanche EUROC liquidity. With a Circle account and the Circle API, you can easily transact Euro Coin between the Ethereum and Avalanche networks, the company said. EUROC is already supported by several DeFi apps and protocols, namely Curve, GMX, and Trader Joe.

Recall that in November, Circle announced planslaunch the EuroCoin stablecoin 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) regulation.