• Circle launches Euro Coin on Avalanche blockchain.
• The stablecoin is fully backed by fiat euros and redeemable on demand.
• Euro Coin will bolster euro liquidity and enhance transactional flexibility worldwide.
Circle Launches Euro Coin on Avalanche Blockchain
Circle, the digital fintech firm famous for issuing the USDC stablecoin and more recently Euro Coin, has unveiled the launch of its second major stablecoin across a multi-chain ecosystem – the Avalanche blockchain. This development provides users with greater transactional flexibility as it facilitates transactions in both U.S. dollars using USDC and Euros using Euro Coin.
Euro Coin Fully Backed by Fiat Euros
Like USDC, Euro Coin is designed to hold its price stability by being fully backed by fiat euros and is redeemable on demand. Circle has made public its recent attestation report from Deloitte to verify its one-to-one backing of its euro reserves.
Enhanced Transactional Flexibility
The integration of Euro Coin into the Avalanche blockchain is expected to bolster euro liquidity and enhance transactional flexibility for users across the globe. This development allows users to make transactions in euros using Euro Coin, alongside existing U.S dollar transactions with USDC due to their commonality in smart contract designs for Circle-issued stablecoins – making integration seamless for developers using Avalanche’s platform.
Initial Introduction of Euro Coin Last Year
Joao Reginatto, Product Lead at Circle, discussed their initial introduction of Euro coin last year when stating “Since launching our first multi-currency product last summer, we have seen tremendous customer adoption that has further reinforced our commitment to expanding our multi-currency capabilities globally” adding that “By extending support for EURO COIN onto Avalanche, we are now able to offer customers a unique combination of performance gains plus access to a broader global financial network than ever before.“
Circle’s Commitment To Multi-Currency Capabilities
The launch of this product demonstrates Circle’s commitment towards expanding their multi-currency capabilities globally – allowing customers access to a broader global financial network than ever before while taking advantage of performance gains offered through accessing the Avalanche blockchain as well as providing an alternative form of currency exchange other than traditional methods such as banks or credit cards which can be slow or costly depending on your location or currency needs.