- Circle has announced the launch of Euro Coin on Avalanche.
- The launch expected to increase euro liquidity.
Circle, the stablecoin issuer, has announced the launch of Euro Coin (EUROC) on Avalanche. The move is to bring faster, more efficient payments and financial services for developers and users.
Euro Coin is here on Avalanche thanks to @circle!
Anyone can mint, buy, swap, trade, sell, and redeem native $EUROC on Avalanche.
Developers can now integrate Euro Coin into their dApps as another way to serve users.
— Avalanche 🔺 (@avax) May 25, 2023
According to the report, the launch is part of the multichain strategy for euro-backed stablecoins. The native launch of Euro Coin in Avalanche expected to increase euro liquidity and allow global users to transact in euros with EUROC along with its US Dollar backed USDC stablecoin.
Avalanche Brings Cost-Effective Transactions
The launch will make it easy for its developers to integrate EUROC, as two Circle-issued stablecoins are based on similar contract designs.
Joao Reginatto, Vice president of products at Circle, stated
When we first introduced the Euro Coin on Eutherium last year, we wanted anyone with an internet connection to have access to the euros across borders and time zones.
He added that the launch of EUROC on Avalanche, the fast and efficient platform, allows developers and users to have more cost-effective financial transactions. Moreover, the Euro Coin launch allows better access to the euro.
John Nehas, vice president of business development at Avalanche Labs, stated that the launch of the Euro Coin on the Avalanche blockchain expected to bring new options for developers and users. Moreover, EUROC will greatly increase the adoption of instant payments and remittances.
Circle account users have access to Euro Coin liquidity on Avalanche, allowing them to trade or lend in the crypto capital markets, hold Euro Coin in custody, or send and receive payments using Euro Coins on Avalanche. The leading apps and wallets, including BENQI, cables, core, curve, Dexalot, GMX, NFT-TiX, Pangolin, Platypus, Shift Markets, and Trader Joe, will support the Euro Coin.