Circle, a popular stablecoin issuer, has launched Euro Coin (EUROC) on a decentralized, open-source proof-of-stake blockchain, Avalanche. The stablecoin issuer announced the development in a Thursday blog post. As revealed, launching EUROC will help empower businesses and developers with fully reserved, Euro-backed stablecoin they can count on.
Through Euro coin, Circle aims to unleash new opportunities for global commerce. In addition, it is believed that the asset would ensure faster and more productive FX, thus providing greater access to euro. With its launch on Avalanche, the coin is now the latest Circle-issued stablecoin to go multi-chain.
Notably, at the time of making this report, users can now send, spend, save, lend, and borrow EUROC on the Avalanche ecosystem. Also, developers can benefit from the platform by partnering with the trusted euro-backed stablecoin. In addition, the platform provides an avenue for both new and existing apps to avail users with options to transact in euros on-chain.
Meanwhile, Circle Vice President of Product, Joao Reginatto gave an insight on the launch of EUROC. According to Reginatto, EUROC launch provides enablement for anyone to access euro. The Vice President reflected on the launch of Euro Coin on Ethereum last year. According to him, Circle, at that time, aimed at ensuring that everyone with internet connection enjoys access to the euro across all borders and time zones.
Circle on the pathway of creating new possibilities for payments and remittances – Vice President
Now, Reginatto said the stablecoin issuer has decided to take the token to Avalanche, thereby enabling developers and users to enjoy a cost-effective experience while making their financial transactions. By virtue of this, the exec is optimistic that Circle is on the path of creating new possibilities for payments and remittances.
The Vice President of Business Development with Ava Labs, John Nahas also made some comments on the development. Nahas describes the launch as a huge feat, stressing that it will further enhance usage of Euro coin. The Vice President expressed confidence in the ongoing expansion of DeFi into a multi-currency and cross-border landscape. He is optimistic that the addition of EUROC by Circle will further accelerate DeFi adoption, thereby making it “much larger swath of the world.”