Circle, a stablecoin issuer, has introduced Euro Coin (EUROC) on the Avalanche blockchain, aiming to provide faster and more efficient payment and financial services for developers and users.
EUROC was launched by Circle as a regulated stablecoin last year, ensuring that each token is fully backed by euro reserves held at financial institutions regulated in the United States.
The availability of EUROC on Avalanche is part of Circle’s multi-chain strategy for the stablecoin. It enhances liquidity and offers users the option to transact in euros alongside the USD-backed stablecoin, USD Coin (USDC).
By bringing EUROC to the Avalanche blockchain, developers and users can enjoy a more cost-effective experience in their financial transactions, according to Reginatto, a member of Circle’s team. This move opens up new possibilities for payments and remittances.
John Nahas, Vice President of Business Development at Ava Labs, anticipates a positive response and increased usage of Euro Coin on the Avalanche blockchain. He believes that decentralized finance (DeFi) is expanding into a more multi-currency and cross-border environment, and the addition of EUROC will accelerate adoption across a larger global audience.
In addition, Circle recently introduced a protocol that enables cross-chain transfers of USDC between Ethereum and Avalanche. This protocol involves burning coins on the sender chain and minting new ones on the recipient chain, offering a different approach compared to traditional bridges that simply lock tokens to their contract.