Circle Launches Euro-Backed EURC Stablecoin on Base

As an experienced financial analyst, I view Circle’s launch of EURC on Coinbase’s layer-2 network, Base, as a strategic expansion that strengthens Circle’s position in the digital asset market. With EURC joining USDC, Circle is offering a comprehensive solution for global financial transactions by providing stable, blockchain-based alternatives to traditional currencies.

Circle, the well-known stablecoin provider, has made an important announcement: they have introduced their new euro-backed stablecoin, named EURC, on Coinbase’s layer-2 platform, Base. This move marks a significant milestone as EURC becomes the first euro-backed stablecoin available on this network, joining USD Coin (USDC) which is already popular. By offering EURC and USDC, Circle intends to facilitate seamless global financial transactions using secure, blockchain-based alternatives to traditional currencies.

Circle’s EURC, worth 2 Euros, is now available on our platform, known as @base. This Euro-equivalent stablecoin ensures trust and compliance for Euro transactions on the blockchain. We introduced USDC last year on Base, which has become the largest stablecoin here with over $3 billion in circulation as of July 9th.— Circle (@circle) July 9, 2024

As a crypto investor, I’m excited to share that Circle’s Euro Coin (EURC) and US Dollar Coin (USDC) are now the first stablecoins from a global issuer to adhere to the newly implemented Markets in Crypto Assets (MiCA) regulation on Base. This is an essential development for Circle as the crypto market shifts towards increased compliance. By using specific stablecoins like EURC to comply with MiCA regulations, we can reshape the digital financial landscape in Europe. This secure and legal method for trading and investing offers peace of mind and confidence in our investments.

Circle’s introduction of Euro CENTs (EURC) on Base marks a significant technical achievement, representing the first instance that EURC can be used natively on an Ethereum layer-2 network. This makes it more economical for e-commerce platforms to adopt EURC. Furthermore, the compatibility of EURC and USD Coin (USDC) with Circle Mint creates seamless institutional entry and exit ramps, thereby deeply integrating these tokens into the global financial infrastructure.

EURC is a fresh addition to the Base platform but hasn’t been included in significant decentralized exchanges yet, suggesting an early adoption stage. Nevertheless, the availability of exchanges like PancakeSwap that allow users to import the token indicates a budding interest among markets for regulated stablecoins.

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2024-07-10 07:00