Circle, the stablecoin issuer, announced the release of Euro Coin on Avalanche, the first in a series of planned multi-chain launches for the euro-backed stablecoin.
According to Circle, integrating Euro Coin into Avalanche applications, which already support the USDC stablecoin, will be a straightforward process. The acceptance of Euro Coin on the Avalanche blockchain platform reflects the growing demand for a wider range of stablecoin options across various blockchain networks.
It is said that bringing Euro Coin to #Avalanche could help increase euro liquidity. Additionally, it was noted that Euro Coin could provide options for global users who want to transact in euros or USDC.
According to Circle's statement, several applications on the Avalanche platform have expressed their inclination to include Euro Coin. It is expected that decentralized finance (DeFi) applications such as Benqi, Curve, Dexalot, GMX, Pangolin, Shift Markets, and Trader Joe, operating on the Avalanche network, will adopt the stablecoin.
Furthermore, individuals with Circle accounts can now use Euro Coins on the Avalanche platform for various purposes, such as cryptocurrency trading, lending, asset protection, and transactions.
Currently, Circle holds a pair of fiat-backed #stablecoins one being USD Coin. Designed to reflect the value of the US dollar, this stablecoin has a market capitalization of approximately $29 billion. According to data provided by CoinGecko, the market value of Euro Coin is relatively low at $48 million.
