Euro Coin: Circle Launches Stablecoin on Avalanche Blockchain to Facilitate Fast & Efficient Payment Systems
The USDC stablecoin issuance circuit recently launched Euro Coin on the Avalanche protocol to exploit the network’s superior transaction speed.
circle her Launched A Euro stablecoin on the Avalanche blockchain to provide fast and efficient payments and financial services. The launch of Euro Coin (EUROC) is the first of a series of expected multi-chain launches to help developers and users. According to the Circle team, the availability of Euro Coin on Avalanche increases liquidity and provides users with an additional transaction option besides USD Coin (USDC). Last year, Circle launched the EUROC as a regulated stablecoin backed 100% by Euro reserves. Every euro coin has a euro equivalent held in financial institutions regulated by the United States government.
Execs weigh in on Circle Euro stablecoin
Circle Vice President of Product Joao Reginatto commented on the benefits of Euro Stablecoin. According to Reginatto, Avalanche developers with USDC-enabled apps can easily integrate EUROC as both stablecoins have similar contract designs. The department’s CEO also said:
“When we first introduced Euro Coin on Ethereum last year, we wanted anyone with an internet connection to be able to access Euros across borders and time zones. By launching Euro Coin on the fast and efficient Avalanche platform, we can help developers and their users experience financial transactions.” Near-instant, more cost-effective, unlocking new possibilities for payments, remittances and forex trading 24/7.”
Meanwhile, Avalanche developer Ava Labs Vice President of Business Development John Nahhas also discussed the possibilities of Euro Coin. Describing EUROC’s arrival in Avalanche as a “pivotal moment” that opens “new possibilities for our developers and end-users,” Nahas said:
“We continue to see significant adoption and volume behind USDC from Circle and expect great feedback and avalanche of Euro Coin usage.”
Moreover, the VP of Business Development at Ava Labs added that a “fully trusted and custodial” EUROC token would accelerate decentralized finance (DeFi) adoption. Nahas opined that DeFi continues to make progress in a “multi-currency and cross-border environment” with instant payments and transfers, and Euro Coin would be an added boon.
Many popular wallets and apps will support the Euro currency on the Avalanche blockchain. These include Coinbase Wallet, Core, MetaMask, Curve, Dexalot, BENQI, Cables, GMX, NFT-TiX, Pangolin, Shift Markets, Trader Joe’s, and Platypus.
Avalanche – The new Euro Stablecoin host
Avalanche is an open source decentralized Proof of Stake network that can finalize transactions in less than a second. The blockchain uses smart contract functionality to aid Web3 development and has comprehensive toolkits for creating powerful, custom blockchain solutions. Avalanche’s native digital currency is AVAX.
Ava Labs
Ava Labs is the developer behind Avalanche and seeks to facilitate the seamless digitization of disparate assets on a single open source blockchain. Since its inception in 2018, the company has received funding from many well-known investors, including Andreessen Horowitz (a16z) and Polychain Capital.
circle
Founded in 2013 by Jeremy Allaire and Sean Neville as a peer-to-peer payments technology company, Circle created and began issuing USDC. The Boston-based global financial technology also helps different types of business scales benefit from the power of digital currencies. In addition, Circle helps companies leverage public blockchains for transactional, business, and financial applications.
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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify cryptocurrency stories down to the bare essentials so that anyone anywhere can understand without much background knowledge. When he’s not deep into cryptocurrency stories, Tolo enjoys music, loves to sing, and is a movie lover.
