Circle, the digital fintech firm most famous as the issuer of the USDC stablecoin and, more recently, Euro Coin, has unveiled the launch of Euro Coin on the Avalanche blockchain.
Circle anticipates the launch to be the first of many multi-chain launches for its reportedly fully-backed euro-denominated stablecoin. Like USDC, Euro Coin is designed to hold its price stability by being fully backed by fiat euros and is redeemable on demand.
Circle has made public its most recent attestation report by Deloitte to verify the one-to-one backing of its euro reserves.
The integration of Euro Coin into the 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 the existing U.S. dollar transactions with USDC. The commonality in the smart contract designs for the Circle-issued stablecoins, USDC and Euro Coin, offers a seamless integration process for Avalanche developers.
Reflecting on the initial introduction of Euro Coin on Ethereum last year, Joao Reginatto, VP of Product at Circle, said: “Our objective was to democratize access to the euro, making it available to anyone with an internet connection, irrespective of geographical boundaries and time constraints.”
“By launching Euro Coin on Avalanche, a platform recognized for its speed and efficiency, we aim to offer developers and users the advantage of near-instantaneous, cost-effective financial transactions, opening up new avenues for payments, remittances, and round-the-clock foreign exchange.”
John Nahas, Vice President of Business Development at Ava Labs, echoed the sentiment, saying:
“The introduction of Euro Coin to the Avalanche blockchain is a critical development, creating fresh opportunities for our developers and users alike… As DeFi evolves into a multi-currency, cross-border ecosystem, the delivery of a trustworthy, fully-reserved euro stablecoin such as Euro Coin will undoubtedly expedite the adoption of instantaneous payments and remittances across a broader global audience.”
Nahas emphasized the continued growth and popularity of Circle’s USDC and projected a similar response to the introduction of Euro Coin on Avalanche.
As a result of this development, Circle Account holders can now leverage the increased Euro Coin liquidity on Avalanche to trade or lend in crypto capital markets, manage custody, or execute and receive payments with Euro Coin on Avalanche.