Circle Launches Euro Coin on Avalanche
HomeNewsCircle Launches Euro Coin on Avalanche

Circle Launches Euro Coin on Avalanche

Daniela Kirova
Daniela Kirova
25th May 2023
  • Euro Coin hopes to deliver speedier, more efficient financial services to users
  • Facilitates euro liquidity and gives users who want to transact in euros more options

Global fintech firm and USDC issuer Circle has launched its stablecoin Euro Coin on Avalanche. This is the first in an anticipated series of blockchain launches for the reserved euro-backed currency to help deliver speedier, more efficient financial services to developers and regular users, Bankless Times learned from a press release.

Increasing euro liquidity

The launch of Euro Coin on Avalanche can facilitate euro liquidity and give more options to global users who want to transact in euros with Euro Coin and in dollars with USDC. Avalanche developers whose apps support USDC will integrate Euro Coin easily, because the smart contracts of the two Circle-issued stablecoins are similarly designed.

Joao Reginatto, VP of Product at 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. 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.

John Nahas, Vice President of Business Development at Ava Labs, added:

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.

Now, holders of a Circle Account can access Euro Coin on Avalanche and custody, lend or trade in crypto capital markets, and send and accept payments in Euro Coin on the blockchain.

Coinbase, Curve, MetaMask to support stablecoin on Avalanche

Among the well-known apps and wallets that will have support for Euro Coin on Avalanche are Coinbase Wallet, Curve, GMX, MetaMask, BENQI, Cables, Pangolin, NFT-TiX, Platypus, and Trader Joe.

Author Bio
Daniela Kirova
Daniela Kirova
Daniela is a writer at Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. She has over 15 years of experience as a writer, having ghostwritten for several online publications in the financial sector.