Circle Launches Euro-Backed Stablecoin on Avalanche – Unlocking New Possibilities!

• Circle launched its euro-backed stablecoin, Euro Coin, on Avalanche’s smart contracts enabled layer-1 blockchain.
• The launch of Euro Coin will bring more liquidity to the Avalanche network and developers using USDC can easily integrate Euro Coin.
• Coinbase Wallet and MetaMask are two wallets that support Euro Coin on Avalanche.

Circle Launches Euro-Backed Stablecoin On Avalanche

Circle has announced the launch of its euro-backed stablecoin, Euro Coin, on Avalanche’s smart contracts enabled layer-1 blockchain. This move is expected to bring more liquidity to the Avalanche network and allow developers using USDC to easily integrate Euro Coin into their applications. Coinbase Wallet and MetaMask are two wallets that currently support the new stablecoin on Avalanche.

What Is The Purpose Of The Launch?

The purpose of launching Euro Coin on Avalanche is to provide multi-chain euro liquidity for developers and users around the world. This will enable apps that support USDC to integrate the digital currency with ease, creating near-instant payments and remittances across borders and time zones. Joao Reginatto, VP of Product at Circle, said: “When we first introduced Euro Coin on Ethereum last year, we wanted anyone with an internet connection to have access to the euro across borders and time zones.“

Adoption Of Euro coin On Ava Labs

John Nahas from Ava Labs commented on this development saying that having a euro-backed stablecoin such as this one brings new possibilities for developers and users alike: „We continue to see great adoption and volume behind Circle’s USDC, and expect great feedback and usage of Euro Coin on Avalanche“. He added that deployment of this type of digital currency could accelerate the adoption of cross border instant payments over traditional methods.

Wallets Supporting The Stablecoin

Wallets supporting this new stablecoin include Coinbase Wallet, MetaMask, BENQI, Cables Core, Curve among others; meaning users who have these installed can now use them in order to access a wide variety of services related to finance without having to worry about foreign exchange rates or incurring huge transfer fees when dealing with different countries‘ currencies.

Conclusion

By launching its euro-backed stablecoin onto Avalanche’s blockchain platform it allows users access from anywhere in the world without having any issues related foreign exchange rates or transfer fees when dealing with different currencies; which is a huge bonus for those using it.