Circle Expands Euro-Pegged Stablecoin to Avalanche Blockchain

On Thursday, the stablecoin issuer Circle Financial introduced that the euro-pegged crypto asset EUROC is increasing natively on the Avalanche (AVAX) blockchain. According to Circle, a number of decentralized finance (defi) protocols and initiatives are supporting the brand new AVAX-issued EUROC asset.

Circle’s EUROC Stablecoin Finds New Home on Avalanche Blockchain

About 11 months in the past, Circle launched the euro stablecoin referred to as euro coin (EUROC) as its second main fiat-pegged token, following usd coin (USDC). The EUROC stablecoin was initially launched on the Ethereum blockchain as an ERC20 token. Currently, there are roughly 47.11 million EUROC in circulation, based on statistics from etherscan.io. The euro-backed stablecoin issued by Circle is held by 1,381 distinctive Ethereum-based addresses.

On Twitter, Circle announced that EUROC will now be hosted natively on the proof-of-stake (PoS) blockchain Avalanche (AVAX). “It is official, [EUROC] is now multi-chain and live on [Avalanche] today,” Circle tweeted. “Developers can build on top of [eurocoin] on Avalanche to deliver faster, more efficient solutions for users to send, spend, save, lend, and borrow with a fully reserved, euro-backed stablecoin,” the corporate added.

Circle additional noted that EUROC already has assist from key defi purposes and protocols like Curve Finance, Cable Finance, Trader Joe, Pangolin Dex, Benqi, and others. In a blog post revealed on Thursday, Circle stated that it additionally presents “access to Avalanche EUROC liquidity for qualified businesses with a Circle Account.”

Circle’s newest transfer follows the market capitalization of the agency’s stablecoin usd coin (USDC) dropping from a excessive of $55.9 billion on June 22, 2022, to the present $29.07 billion. The knowledge reveals that over the past 11 months, USDC’s market cap dropped by 47.99%. In comparability, EUROC is way smaller and holds the 410th place out of greater than 10,000 crypto property listed on Coingecko.com. EUROC’s market valuation accounts for 0.004% of the complete $1.15 trillion crypto market economic system, whereas USDC represents 2.519%.

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