In 2022, Circle launched Euro Coin, or EUROC, on the Ethereum blockchain, a move aimed at providing businesses and developers with a fully reserved, trustworthy euro-backed stablecoin. The initiative was designed to unlock new global commerce opportunities, accelerate Foreign Exchange (FX) operations, and promote wider access to the Euro globally. Today, Circle expands the stablecoin’s reach by introducing Euro Coin natively to the Avalanche blockchain. This strategic move positions Euro Coin as the latest Circle-issued stablecoin to embrace multi-chain operations, further enhancing its appeal and utility within the digital finance landscape.
Avalanche is now ready to efficiently facilitate various EUROC operations including sending, spending, saving, lending, and borrowing. Developers, in particular, stand to gain immensely from this integration, as it allows them to create with a trusted, euro-backed stablecoin that’s native to the Avalanche network. Consequently, both new and existing applications will have the capacity to offer users the optionality to transact in euros on-chain. Additionally, Circle’s Account and APIs have been streamlined to make it easy to swap Euro Coin natively between Ethereum and Avalanche. This integration opens the door for qualified businesses, providing them access to Avalanche EUROC liquidity via a Circle Account.
Considered an eco-friendly, decentralized smart contracts platform, Avalanche drives numerous high-profile projects across various domains such as DeFi, NFTs, gaming, institutional operations, enterprise solutions, and developer tools. Since its launch in September 2020, Avalanche has recorded exponential growth, becoming one of the fastest-expanding ecosystems in the Web3 arena. Its compatibility with Ethereum smart contracts and tooling allows Ethereum users and developers to access and launch high-performance decentralized apps swiftly. With low fees and near-instant settlement finality, transactions on Avalanche stand out for their efficiency. Businesses seeking rapid, more efficient transactions now have the opportunity to choose Avalanche EUROC for digital asset trading and cross-border payments, simplifying global customer service.