• Circle launched Euro Coin on the Avalanche blockchain.
• The stablecoin is fully backed by fiat euros and is redeemable on demand.
• The integration of Euro Coin into the Avalanche blockchain is expected to bolster euro liquidity and enhance transactional flexibility for users across the globe.
Circle Launches Euro Coin On Avalanche
Circle, the digital fintech firm most famous as the issuer of USDC stablecoin, has unveiled the launch of its second major stablecoin – Euro Coin – across a multi-chain ecosystem. This development marks the first launch of many multi-chain launches for this fully-backed euro-denominated stablecoin. Like USDC, it is designed to hold its price stability by being fully backed by fiat euros and is redeemable on demand. A recent attestation report from Deloitte verifies the one-to-one backing of its euro reserves.
Avalanche Blockchain Integration
The integration of Euro Coin into Avalanche blockchain is expected to bolster euro liquidity and enhance transactional flexibility for users across the globe. This development can facilitate transactions in euros using Euro Coin alongside existing U.S dollar transactions with USDC. Additionally, due to similar smart contract designs between Circle-issued stablecoins USDC and Euro Coin, developers have an easy time integrating them into their projects.
Euro Coin Introduction On Ethereum
The initial introduction of Euro Coin on Ethereum was praised by Joao Reginatto, Head of Stablecoins at Circle who said: “We are excited to bring our second major currency offering after USDC onto multiple blockchains including Ethereum and now Avalanche” He continued “this launch furthers our mission to provide access to financial infrastructure that enables open global commerce without borders or intermediaries.“
Benefits Of Multi-Chain Launches
Multi-chain launches will enable users around the world to benefit from reduced settlement times as well as improved scalability solutions offered by different networks such as Bitcoin Cash (BCH) or Ripple (XRP). Furthermore, these solutions allow businesses to conduct faster payments at lower costs than traditional banking systems through crypto networks like Lightning Network or Polkadot (DOT). Additionally, businesses will be able to leverage cross chain assets that were previously inaccessible due to limitations posed by single chain ecosystems such as Ethereum’s gas fees or Bitcoin’s slow transaction speeds.
Conclusion
Circle’s launch of its euro coin on Avalanche marks a significant milestone in bringing greater access to a global audience that seeks more efficient international payments options while leveraging blockchain technology for enhanced security and transparency benefits provided over traditional payment systems