Circle launched Euro Coin (EUROC) on Avalanche, aiming to provide faster and more efficient financial services for developers and users.
The Circle team said in a statement that EUROC’s presence on Avalanche has increased its liquidity, giving users the option to trade in euros alongside the USD-backed stablecoin USDC.
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Circle launched EUROC last year as a regulated stablecoin backed entirely by euro reserves.
Joao Reginatto, Circle’s vice president of product, said the launch of EUROC provides better access to the euro for everyone. “When we first introduced Euro Coin on Ethereum last year, we wanted anyone with an internet connection to be able to access the euro without limits and time zones,” Reginatto said in a statement.
According to Reginatto, bringing EUROC to the Avalanche network allows developers and users to have a more cost-effective experience in their financial transactions. The manager believes this opens up new possibilities for payments and remittances.
According to John Nahas, vice president of business development at Ava Labs, decentralized finance (DeFi) is expanding into more currencies and a cross-border environment, and the addition of EUROC will accelerate its adoption in a much wider part of the world.
However, Circle recently introduced a protocol that allows cross-chain transfer of USDC between Ethereum and Avalanche.
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