Circle Launches Euro Coin (EUROC) To Accelerate Adoption Of Interstate Instant Payment

Circle launches Euro Coin on Avalanche blockchain. (Photo; Doc. Coins Mag)

JAKARTA The issuer of the USDC stablecoin, Circle, managed to release Euro Coin (EUROC) on the Avalanche (AVAX) blockchain. This new stablecoin is supported by euro reserve funds. That means the EUROC price will follow the movement of the 1:1 fiat euro price.

The EUROC is expected to increase liquidity and facilitate exchanges between the euro and USDC whose value is pegged to the US dollar. The EUROC has equivalent euro reserves in financial institutions regulated by the US.

Citing Coincu's report, the integration of Euro Coin into the Avalanche application, which first received the USDC, is claimed to be easy to use by the company, and this addition shows an increasing need for various types of stablecoins in a number of blockchains.

Vice President of Business Development at Ava Labs, John Nahas, expressed his hope for the adoption and use of Euro Coin in Avalanche. According to him, DeFi (Decentralized Finance) continues to grow into a multi-money and cross-border environment. The presence of EUROC stablecoins is expected to accelerate the adoption of instant payments and remittances on a global scale.

Many programs on Avalanche's network have shown interest in supporting Euro Coin, including Benqi, Curve, Dexalot, GMX, Pangolin, Shift Markets, and Trader Joe.

At the same time, Circle recently launched a protocol that allows cross-chain transactions between Ethereum and Avalanche using USDC. This protocol allows the burning of coins in the sender network and printing of new coins in the receiving network. This is different from the conventional burning mechanism that only locks coins in his contract.

The USDC issuer provides Circle Accounts for eligible companies to gain access to Avalanche EUROC liquidity. Through Circle and Circle API Accounts, Euro Coin exchanges between Ethereum and Avalanche can be done easily.