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 developers using USDC can now easily integrate Euro Coin.
AVAX, currently trading at around $14.05, is the 17th largest cryptocurrency with a market cap of $4.7 billion. Euro Coin’s launch on Avalanche will be the first in a series that’s set to see it bring multi-chain euro liquidity to developers and ecosystem users around the world.
Circle says that deployment on Avalanche also means apps that support USDC can easily integrate Euro Coin. Joao Reginatto, VP of Product at Circle, stated: “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. 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.”
Ava Labs VP of Business Development John Nahas added that having the euro-backed stablecoin on Avalanche opens up the blockchain network to new possibilities for developers and other users. He noted: “We continue to see great adoption and volume behind Circle’s USDC, and expect great feedback and usage of Euro Coin on Avalanche. DeFi continues to expand into a multi-currency, cross-border environment – delivering a trusted and fully reserved euro stablecoin like Euro Coin will greatly accelerate the adoption of instant payments and remittances to a much larger swath of the world.”
Wallets that support Euro Coin on Avalanche include Coinbase Wallet, MetaMask, BENQI, Cables, Core, and Curve. Circle Account holders have access to Euro Coin liquidity on the Avalanche platform, with support for trading or lending in crypto capital markets available. Euro Coin can also be held in custody, or used for payments.