Circle Expands Euro-Pegged Stablecoin to Avalanche Blockchain

On Thursday, the stablecoin issuer Circle Financial announced that the euro-pegged crypto plus EUROC is expanding natively connected the Avalanche (AVAX) blockchain. According to Circle, respective decentralized concern (defi) protocols and projects are supporting the caller AVAX-issued EUROC asset.

Circle’s EUROC Stablecoin Finds New Home connected Avalanche Blockchain

About 11 months ago, Circle launched the euro stablecoin called euro coin (EUROC) arsenic its 2nd large fiat-pegged token, pursuing usd coin (USDC). The EUROC stablecoin was initially launched connected the Ethereum blockchain arsenic an ERC20 token. Currently, determination are astir 47.11 cardinal EUROC successful circulation, according to statistics from etherscan.io. The euro-backed stablecoin issued by Circle is held by 1,381 unsocial Ethereum-based addresses.

On Twitter, Circle announced that EUROC volition present beryllium hosted natively connected the proof-of-stake (PoS) blockchain Avalanche (AVAX). “It is official, [EUROC] is present multi-chain and unrecorded connected [Avalanche] today,” Circle tweeted. “Developers tin physique connected apical of [eurocoin] connected Avalanche to present faster, much businesslike solutions for users to send, spend, save, lend, and get with a afloat reserved, euro-backed stablecoin,” the institution added.

Circle further noted that EUROC already has enactment from cardinal defi applications and protocols similar Curve Finance, Cable Finance, Trader Joe, Pangolin Dex, Benqi, and others. In a blog post published connected Thursday, Circle said that it besides offers “access to Avalanche EUROC liquidity for qualified businesses with a Circle Account.”

Circle’s latest determination follows the marketplace capitalization of the firm’s stablecoin usd coin (USDC) dropping from a precocious of $55.9 cardinal connected June 22, 2022, to the existent $29.07 billion. The information shows that implicit the past 11 months, USDC’s marketplace headdress dropped by 47.99%. In comparison, EUROC is overmuch smaller and holds the 410th presumption retired of much than 10,000 crypto assets listed connected Coingecko.com. EUROC’s marketplace valuation accounts for 0.004% of the full $1.15 trillion crypto marketplace economy, portion USDC represents 2.519%.

What are your thoughts connected Circle’s enlargement of EUROC connected the Avalanche blockchain? Share your thoughts and insights connected this taxable successful the comments conception below.