Stablecoin issuer Circle has integrated Euro Coin (EUROC) on the Avalanche blockchain as part of a series of potential multi-chain launches for the euro-backed stablecoin.
Notably, Circle is the issuer of the United States dollar-backed stablecoin USDC and EUROC. The goal of the launch is to facilitate the delivery of faster and more efficient financial services for developers and users.
“By launching Euro Coin on Avalanche’s fast and efficient platform, we can help developers and their users experience near-instant, more cost-effective financial transactions and unlock new possibilities for payments, remittances and 24/7 FX,” Joao Reginatto, the Vice President of Product at Circle explained.
EUROC Integration to Promote Euro Liquidity
This would make Avalanche the second blockchain to support the fully reserved stablecoin since it was launched in the Ethereum blockchain mid-last year. EUROC’s integration with Avalanche is expected to increase the liquidity of the euro. At the same time, it offers customers options in that, those who prefer to make payments in euros can use the EUROC while those who prefer the dollar can also use the USDC.
For those Avalanche developers who already support the USDC stablecoin on their app, using EUROC will be stress-free as both Circle-issued stablecoins have similar smart contract designs.
Ava Labs Expects Great Feedback for EUROC
Ava Labs’ Vice President of Business Development John Nahas is optimistic that the launch of EUROC on Avalanche will be the birth of new possibilities for developers and end users. He acknowledged that there has been a considerable level of adoption of Circle’s USDC, in the same vein, great feedback and usage is expected from EUROC on Avalanche.
In the long run, the apps and wallets expected to utilize EUROC on Avalanche are BENQI, Cables, Coinbase Wallet, Core, Curve, Dexalot, GMX, MetaMask, NFT-TiX, Pangolin, Platypus, Shift Markets and Trader Joe.
Stablecoin Diversity Across Multiple Blockchains
Additionally, the expansion of EUROC to the Avalanche blockchain is an indication of increased demand for stablecoin diversity of several blockchains. At the beginning of the year, MinSwap and MuesliSwap decentralized exchanges (DEXs) built on the Cardano blockchain declared plans to list Djed stablecoin.
Meanwhile, Circle now has a protocol which facilitates cross-chain transfers of USDC between the Ethereum (ETH) blockchain and Avalanche.
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