Circle has announced that its euro-pegged stablecoin Euro Coin (EUROC) is backed by the Avalanche ecosystem. This will allow any EUROC transactions to be made between the Avalanche and Ethereum networks.
EUROC stablecoin appeared in 2022. It was originally issued as an ERC-20 token on the Ethereum blockchain. The developers promised that it will provide faster and more efficient trading in the foreign exchange market, as well as increased access to the euro around the world. By data Etherscan currently has about 47.11 million EUROC in circulation.
The company announced on Twitter that EUROC will be hosted on the Avalanche blockchain using the Proof-of-Stake (PoS) consensus algorithm. This will provide users with more efficient solutions for sending, making payments, storing and issuing loans.
Businesses and institutions can open a Circle account to access Avalanche EUROC liquidity. With a Circle account and the Circle API, you can easily transact Euro Coin between the Ethereum and Avalanche networks, the company said. EUROC is already supported by several DeFi apps and protocols, namely Curve, GMX, and Trader Joe.
Recall that in November, Circle announced plans to launch the EuroCoin stablecoin on the Solana blockchain, which is considered the main competitor of Ethereum. In March, Circle applied to French regulators for two licenses to ensure that the EUROC stablecoin complies with the European Union’s Markets in Crypto Assets (MiCA) regulation.
Source: Cryptocurrency
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