The EUROC stablecoin, launched by Circle on Ethereum (ETH) in June 2022, is now rolling out on Avalanche (AVAX), after making its debut on Solana (SOL). This integration will allow Avalanche users to take advantage of a stablecoin backed by the euro, offering numerous possibilities for exchanging, saving, lending and borrowing within the broad ecosystem offered by Avalanche.
EUROC comes to Avalanche
The Euro Coin (EUROC), the stablecoin backed by the euro and launched by the giant Circle on the Ethereum blockchain (ETH) in June 2022, arrives in the Avalanche ecosystem (AVAX), confirming its multi-chain future a few months after its arrival on Solana (SOL).
1/ It is official, EuroCoin is now multi-chain and live on @avax today: https://t.co/rzlgtMcYKc
– Circle (@circle) May 25, 2023
This will allow Avalanche users to benefit from a stablecoin backed by the euro natively, whether to trade, spend, save, lend or borrow through the decentralised finance (DeFi) tools offered by the rich Avalanche ecosystem. Of course, EUROC can also be integrated natively into existing and future applications.
When we first introduced the Euro Coin on Ethereum last year, we wanted anyone with an internet connection to be able to access the euro across borders and time zones “
As a stablecoin, and like the USDC for the dollar, the EUROC is insured at a minimum 1:1 ratio with Circle’s reserves housed in regulated institutions in the US.
Circle’s EUROC currently has a market capitalisation of just over $51 million. It is the third largest stablecoin euro in terms of market capitalisation, behind Tether’s EURT ($220 million) and Statis’ EURS ($133 million).
