Circle, the issuer of the USDC stablecoin, has launched its Euro-based stablecoin called EUROC on the Avalanche Network. In a tweet published on May 25, Circle said that its EUROC stablecoin had gone multi-chain and was available on Avalanche for developers on top of.
The issuer also stated that many leading ecosystem apps are already supporting Euro Coin, including Curve Finance, GMX, Pangolin, Platypus, and Shift Markets. Circle described the EUROC stablecoin as follows,
“EuroCoin is an always-on stablecoin that expands access to the euro across the globe. With USDC and EuroCoin now both on Avalanche, users can experience new possibilities for multi-currency digital finance and 24/7 near-instant FX.”
Circle firmly believes that bringing the Euro Coin to Avalanche will not only bolster the liquidity of the Euro but also offer “optionality to global users who desire to engage in euro transactions using Euro Coin.” This development marks yet another stride for Circle. The company has diligently strived to compete with well-established stablecoins such as Tether.
EUROC Stablecoin First Launched in 2022
Circle first announced the Euro Coin in June 2022. Euro Coin is issued under a regulated framework, with the same rules that govern USDC.
In the original announcement, Circle CEO Jeremy Allaire said that the stablecoin would expand opportunities for payments, trade finance, commerce, and more. He went on to claim that it was “symbolic of a shift in crypto markets towards greater and greater utility value from blockchain infrastructure.”
Circle Supply Takes a Hit as It Targets New Markets
Circle has been busy in 2023. Most recently, it launched a cross-chain transfer protocol that allows USDC to be conveniently used across networks. It comes at a time when USDC supply has dropped by 30% this year. The USDC stablecoin’s market cap has dropped by $13 billion. Allaire said this was a result of investors wishing to move risk out of the U.S.
Additionally, Circle is also targeting the European market. The issuer has applied with regulators to become a fully registered Digital Assets Service Provider.
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