In the words of Joao Reginatto, VP of Product at Circle, “By launching Euro Coin on Avalanche's fast and efficient platform, we can help developers and their users experience near-instant, more cost effective financial transactions and unlock new possibilities for payments, remittances and 24/7 FX.”
USD Coin (USDC) issuer Circle released its Euro-backed stablecoin, Euro Coin (EUROC), on the Avalanche (AVAX) network.
In its press release, the stablecoin issuer claimed that the multi-chain functionality of Euro Coin will allow developers to integrate EUROC into apps that already support USDC. This is because both Euro Coin and USD Coin have similar smart contract designs.
Moreover, the launch of Euro Coin on Avalanche will allow Circle account holders to lend or trade their EUROC assets on crypto capital markets.
Circle noted that Euro Coin will be compatible with several crypto platforms that support the Avalanche network. These include Decentralized Exchanges (DEXs) such as BENQI, Shift Markets, and Trader Joe, and crypto-wallets like Coinbase Wallet and MetaMask.
According to Circle, Euro Coin has a 1:1 peg with Euro, with the stablecoin’s reserves held separately from Circle’s operating funds. The firm’s attestation report revealed that Euro Coin’s reserves exceed the €48.2M worth of EUROC that are in circulation.
Earlier in June 2022, Circle launched Euro Coin on the Ethereum (ETH) blockchain to allow clients to make instant Euro transactions “across borders and timezones.” The issuer of USDC added that it aims to release Euro Coin on other blockchains besides Ethereum and Avalanche.
Meanwhile, the Euro stablecoin market share is currently dominated by Euro Tether (EURT), a token issued by Circle’s rival firm, Tether. As of writing, Euro Coin is the third largest Euro-backed stablecoin thanks to a market cap of $51.6M.