• Circle has launched its euro-backed stablecoin, Euro Coin, on the Avalanche blockchain network.
• The launch of Euro Coin is expected to bring more liquidity to the Avalanche network and allow developers using USDC to easily integrate it.
• Wallets that support Euro Coin on Avalanche include Coinbase Wallet and MetaMask.
Circle Launches Euro-Backed Stablecoin On Avalanche
Circle, the issuer of USDC, has launched its other fiat-backed stablecoin Euro Coin on Avalanche, a smart contracts enabled layer-1 blockchain. The euro-backed stablecoin is expected to bring more liquidity to the Avalanche network and open up new possibilities for developers and users around the world. Wallets that support Euro Coin on Avalanche include Coinbase Wallet, MetaMask, BENQI, Cables, Core and Curve.
Euro Liquidity Comes To Avalanche
Circle said in a press release that they expect Euro Coin’s launch on Avalanche will be the first in a series of launches that will bring multi-chain euro liquidity to developers and ecosystem users around the world. This means apps that support USDC can now easily integrate Euro Coin as well. Joao Reginatto from Circle commented: “When we first introduced Euro Coin on Ethereum last year, we wanted anyone with an internet connection to have access to the euro across borders and time zones”
John Nahas Comments On Launch
John Nahas from Ava Labs commented that having the euro-backed stablecoin on Avalance opens up new possibilities for developers and other users: “We continue to see great adoption and volume behind Circle’s USDC, and expect great feedback and usage of Euro Coin on Avalance. DeFi continues to expand into a multi-currency, cross-border environment – delivering a trusted and fully reserved euro stablecoin like EuroCoin will greatly accelerate the adoption of instant payments and remittances“.
Avalanche AVAX Trading Price
Avalanche’s AVAX is currently trading at around $14.05 which makes it rank 17th largest cryptocurrency with a market cap of $4.7 billion.
Conclusion
Overall this development marks another major milestone for both Circle’s fiat backed tokens as well as for Avalance’s growing platform which adds more use cases for their native token AVAX while providing better accessibilty to euros via digital currencies making frictionless global payments possible