Circle introduced EUROC as a regulated stablecoin last year. This means that each token is supported by euro reserves held in financial institutions regulated in the United States.
Stablecoin issuer Circle has recently released Euro Coin (EUROC) on the Avalanche blockchain. This launch aims to provide faster and more efficient payment and financial services for developers and users.
According to an announcement, Circle has revealed that the launch of EUROC on Avalanche is a part of their strategy to expand across multiple blockchain networks. The Circle team stated that offering EUROC on Avalanche enhances its liquidity and allows users to transact in euros, alongside their existing USD-backed stablecoin, USD Coin (USDC).
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Last year, the stablecoin issuer introduced EUROC as a regulated stablecoin, ensuring that each EUROC token is backed by an equivalent amount of euros held securely at financial institutions regulated in the United States.
According to Joao Reginatto, Circle’s vice president of product, the launch of EUROC enables easier access to the euro for everyone. Reginatto further explained: [Provide the explanation from Joao Reginatto].
“When we initially introduced Euro Coin on the Ethereum blockchain last year, our goal was to provide access to the euro for anyone with an internet connection, regardless of geographical boundaries or different time zones.”
By bringing the EUROC token to Avalanche, developers and users can enjoy a more cost-effective experience in their financial transactions, as per Reginatto. This advancement, according to the executive, opens up new opportunities for payments and remittances.
John Nahas, the vice president of business development at Ava Labs, anticipates positive feedback and widespread usage of Euro Coin on the Avalanche blockchain. According to Nahas, the growth of decentralized finance (DeFi) is moving towards a more diverse and global landscape, and the addition of EUROC will accelerate its adoption across a larger portion of the world.
Recently, Circle introduced a protocol that enables the transfer of USDC between Ethereum and Avalanche blockchains. The protocol, launched on April 26, involves burning coins on the sender chain and minting new ones on the recipient chain, which is different from traditional bridges that only lock tokens to their respective contracts.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.