Circle launches Euro Coin on Avalanche


Circle, the digital fintech firm most famous as the issuer of the USDC stablecoin and, more recently, Euro Coin, has unveiled the launch of Euro Coin on the Avalanche blockchain. 

Circle anticipates the launch to be the first of many multi-chain launches for its reportedly fully-backed euro-denominated stablecoin. Like USDC, Euro Coin is designed to hold its price stability by being fully backed by fiat euros and is redeemable on demand.

How To Get Free Crypto  

Circle has made public its most recent attestation report by Deloitte to verify the one-to-one backing of its euro reserves.

The integration of Euro Coin into the Avalanche blockchain is expected to bolster euro liquidity and enhance transactional flexibility for users across the globe. 

This development can facilitate transactions in euros using Euro Coin, alongside the existing U.S. dollar transactions with USDC. The commonality in the smart contract designs for the Circle-issued stablecoins, USDC and Euro Coin, offers a seamless integration process for Avalanche developers.

Reflecting on the initial introduction of Euro Coin on Ethereum last year, Joao Reginatto, VP of Product at Circle, said: “Our objective was to democratize access to the euro, making it available to anyone with an internet connection, irrespective of geographical boundaries and time constraints.” 

Coinbase Banner  

He continued:

“By launching Euro Coin on Avalanche, a platform recognized for its speed and efficiency, we aim to offer developers and users the advantage of near-instantaneous, cost-effective financial transactions, opening up new avenues for payments, remittances, and round-the-clock foreign exchange.”

John Nahas, Vice President of Business Development at Ava Labs, echoed the sentiment, saying: 

“The introduction of Euro Coin to the Avalanche blockchain is a critical development, creating fresh opportunities for our developers and users alike… As DeFi evolves into a multi-currency, cross-border ecosystem, the delivery of a trustworthy, fully-reserved euro stablecoin such as Euro Coin will undoubtedly expedite the adoption of instantaneous payments and remittances across a broader global audience.”

Nahas emphasized the continued growth and popularity of Circle’s USDC and projected a similar response to the introduction of Euro Coin on Avalanche. 

As a result of this development, Circle Account holders can now leverage the increased Euro Coin liquidity on Avalanche to trade or lend in crypto capital markets, manage custody, or execute and receive payments with Euro Coin on Avalanche.

Posted In: Stablecoins

Go to Source
Author: Jacob Oliver

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.