Circle Launches Stablecoin Euro Coin on Avalanche Blockchain

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Circle Launches Euro Coin on Avalanche Blockchain

Circle, a global fintech company specializing in digital finance, and the creator of USDC and Euro Coin, has announced the launch of Euro Coin on Avalanche. This marks the first step in a series of planned launches across multiple blockchains for the euro-backed stablecoin. The introduction of Euro Coin on Avalanche aims to facilitate faster and more efficient payments and financial services for developers and their users.

By offering Euro Coin on the Avalanche platform, Circle aims to enhance euro liquidity and provide greater flexibility to users worldwide who wish to transact in euros using Euro Coin, as well as in US dollars with USDC. Developers already supporting USDC in their applications will find it seamless to integrate Euro Coin since both stablecoins are based on similar smart contract designs issued by Circle.

New Possibilities for Developers and End Users

Joao Reginatto, Circle’s VP of Product, expressed the company’s initial goal of providing internet-connected individuals with access to the euro across borders and time zones when they introduced Euro Coin on Ethereum last year. Launching Euro Coin on Avalanche’s fast and efficient platform allows developers and users to experience near-instant, cost-effective financial transactions. This move unlocks new opportunities for payments, remittances, and 24/7 foreign exchange (FX).

John Nahas, Vice President of Business Development at Ava Labs, emphasized the significance of bringing Euro Coin to the Avalanche blockchain. He believes it opens up new possibilities for developers and end users. Nahas noted the growing adoption and volume of Circle’s USDC and expects similar positive feedback and usage of Euro Coin on Avalanche. With the expansion of decentralized finance (DeFi) into a multi-currency, cross-border environment, having a trusted and fully backed stablecoin like Euro Coin will accelerate the adoption of instant payments and remittances worldwide.

Circle Account holders can now access Euro Coin liquidity on Avalanche for trading, lending in crypto capital markets, custody services, or making and accepting payments using Euro Coin.

Leading applications and wallets, including BENQI, Cables, Coinbase Wallet, Core, Curve, Dexalot, GMX, MetaMask, NFT-TiX, Pangolin, Platypus, Shift Markets, and Trader Joe, will support Euro Coin on the Avalanche network.

Developers can integrate the Euro Coin smart contract on Avalanche today and take advantage of the growing liquidity available.

Haris Rauf