Circle has provided an update regarding stablecoin EURC which is coming to Base.
According to a blog post from Circle, here’s what this means for the Base ecosystem.
Circle notes in an update that they are pleased “to bring EURC to Base, its first euro-backed stablecoin, enabling developers to deliver faster and cheaper commerce with a euro-backed digital currency for global users.”
EURC is issued by Circle and now joins USDC – which claims to be “the largest stablecoin on Base with more than $3 billion in circulation as of July 9th.”
The euro is the third largest fiat currency in “the traditional financial system today, signifying a large opportunity for growth in the digital asset economy.”
EURC and USDC are the first stablecoins “on Base from a global issuer to be compliant with the new Markets in Crypto Assets (MiCA) regulation.”
Benefits of EURC and USDC:
- Regulated, fully reserved and redeemable 1:1 for euros and dollars respectively
- Enables institutional on/off-ramps like Circle Mint for qualified businesses
- Easy integration into both new and existing apps
- Retail access to Coinbase’s global on- and off-ramp network
Use cases for EURC and USDC on Base
- Cross-border payments with near-instant settlement for international remittances, peer-to-peer payments, and marketplace payouts at a fraction of the cost of legacy systems
- Crypto capital markets with 24/7 access to a robust DeFi ecosystem
- Access to euro and dollar store of value for savings and FX to hedge against inflation of local currencies
Developers can start to experiment with funds flows in their apps by getting free testnet EURC or USDC on Base Sepolia through Circle’s Testnet Faucet.
Circle, a global financial technology firm and the issuer of USDC and EURC, has announced that it has reportedly become the “first” global stablecoin issuer to achieve compliance with the European Union‘s Markets in Crypto-Assets (MiCA) regulatory framework.
This achievement was reportedly enabled “by the company’s attainment of an Electronic Money Institution (EMI) license (’agrément en qualité d’établissement de monnaie électronique) from the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the French banking regulatory authority.”
With this license, both USDC and EURC are now “being issued in the EU in compliance with MiCA’s regulatory obligations for stablecoins or e-money tokens, which took effect yesterday.”
