2023-05-26
Circle, the
issuer of stablecoins, has launched Euro Coin (EUROC) on the Avalanche
blockchain. This move aims to provide faster and more efficient payment and
financial services to developers and users.
Ref: Circle on Twitter: "7/ Learn more about the benefits of #EuroCoin on @avax
The Circle
team stated that this launch is part of their multi-chain strategy for EUROC.
They believe that the availability of EUROC on Avalanche enhances liquidity and
provides users with more options for transacting in the euro currency along
with a stablecoin backed by the US dollar, such as USD Coin (USDC).
Circle
introduced EUROC as a regulated stablecoin last year, fully supported by euro
reserves. This means that each EUROC token represents an equivalent value of
euros under the oversight of a US-regulated financial institution.
Joao Reginatto,
Vice President of Product Management at Circle, stated that the launch of EUROC
improves accessibility to the euro for everyone.
"When
we first launched Euro Coin on Ethereum last year, our goal was to enable
anyone connected to the internet to access the euro across borders and time
zones."
Bringing the token to Avalanche helps developers and users have a "more rewarding" financial transaction experience. Reginatto believes that this opens up new possibilities for payments and money transfers.
Related to this: AvalancheEUROC: Expanding Access to the Euro
