He owns Circle, one of the leading stablecoin issuance companies foot Eurocoin (EUROC) is on the avalanche, marking a strategic move towards providing faster and more efficient payment solutions and financial services to developers and users.
This launch is part of EUROC’s overall multi-chain Circle strategy, which aims to expand its reach and functionality.
By offering EUROC on the Avalanche network, Circle enhances stablecoin liquidity and gives users the flexibility to transact in euros, complementing their existing US dollar-backed stablecoin, USD Coin (USDC).
This development opens up new avenues for smooth and convenient transactions in euros and US dollars, which meets the diversified needs of users and promotes greater adoption of stable coin-based financial services.
John Nahas, Vice President of Business Development at Ava Labs, expects a positive response and widespread use of the euro coin on the Avalanche blockchain.
Nahas believes that the Decentralized Finance (DeFi) sector is evolving towards a more inclusive, multi-currency and cross-border ecosystem. By incorporating Euro Coin into the mix, the adoption of stablecoin-based financial services is expected to accelerate, reaching a broader global audience.
On-chain USDC transfer with circuit enabled between Ethereum and Avalanche
The move marks a significant milestone as Avalanche becomes the second blockchain platform to support Euro Coin, following its initial launch on Ethereum last year.
On April 26, the team presented a groundbreaking protocol that revolutionized the concept of token bridges. Unlike traditional bridges that just lock tokens into their respective contracts, this new protocol allows for coins to be burned on the sender’s chain and new coins to be minted later on on the recipient’s chain.
Joao Reginato, Vice President of Product at Circle, quoted,
We launched Euro Coin on Ethereum last year with the goal of making the Euro available across borders and time zones to anyone with an internet connection. By launching Avalanche, we are enabling developers and users to experience near-real-time and more cost-effective transactions, opening up new possibilities for payments, remittances, and forex trading 24/7.
Circle has announced that several applications on the Avalanche network have expressed interest in integrating Euro Coin support.
Various DeFi applications on Avalanche, including Benqi, Curve, Dexalot, GMX, Pangolin, Shift Markets, and Trader Joe, are expected to include the Euro stablecoin in their platforms.
This indicates the growing adoption and recognition of Euro Coin in the DeFi ecosystem, as it provides users and developers of Avalanche with additional opportunities and functionality to make use of the stablecoin in their financial activities.
As the DeFi landscape is subject to constant evolution and expansion, this move serves as a noteworthy initial step towards unlocking more exciting possibilities in this rapidly developing field.
Circle currently operates two security-based stablecoins, each of which acts as a digital representation of a specific coin. The US dollar currency (USDC) is pegged to the US dollar and has gained a large market capitalization of nearly $29 billion. On the other hand, Euro Coin (EUROC) has a relatively smaller market cap of $48 million.
Featured image from UnSplash, chart from TradingView.com
