Euro Coin, or EUROC, launched on Ethereum in 2022 in order “to provide businesses and developers with a fully reserved, euro-backed stablecoin they can trust.”
Euro Coin helps unlock new opportunities “for global commerce, faster and more efficient FX, and greater access to the euro around the world.”
Now, they’re bringing Euro Coin “natively to Avalanche, which now makes Euro Coin the latest Circle-issued stablecoin to go multi-chain.”
Avalanche EUROC is now “available to efficiently send, spend, save, lend and borrow in the innovative Avalanche ecosystem.”
Developers can “benefit from building with a trusted, euro-backed stablecoin that’s native to the Avalanche network, enabling both new and existing apps to provide optionality for users to transact in euros on-chain.”
Circle offers access “to Avalanche EUROC liquidity for qualified businesses with a Circle Account.” The Circle Account and Circle APIs also “make it easy to swap Euro Coin natively between Ethereum and Avalanche.”
As noted in the update, Avalanche is “an eco-friendly, decentralized smart contracts platform driving some of the most important projects across DeFi, NFTs, gaming, institutions, enterprises and dev tooling.”
Since launching in September 2020, Avalanche claims it “has become one of the fastest-growing ecosystems in Web3, with over 8 million active wallet addresses1.”
Avalanche is compatible “with Ethereum smart contracts and tooling, which enables Ethereum users and developers to quickly access and launch high-performance decentralized apps.”
Transactions on Avalanche are “executed with low fees and near-instant settlement finality.”
The Avalanche developer ecosystem “continues to expand, and apps on Avalanche currently secure more than $760M in Total Value Locked (TVL) as of May 15, 2023.”
Businesses looking for faster, more efficient transactions “can now choose Avalanche EUROC for digital asset trading and cross-border payments – making it easy to serve customers around the world.”
Exchanges, fintechs, institutional traders, and developers “can use Avalanche EUROC via the Circle Account and Circle APIs” for a number of use cases:
- Making programmatic remittances and payouts around the world in seconds
- Trading, borrowing and lending on apps like Curve, GMX, and Trader Joe.
- Accepting payments for e-commerce, NFT marketplaces and gaming.
Qualified businesses can “access Avalanche EUROC liquidity by opening a Circle Account and contacting their account manager.”