On Thursday, Circle Financial disclosed the extension of its euro-pegged cryptocurrency, EUROC, onto the Avalanche (AVAX) blockchain. As per Circle, the initiative has garnered backing from several decentralized finance (defi) protocols and programs. Circle introduced the EUROC, a fiat-pegged token, as its second significant token after USDC. According to etherscan.io, the EUROC stablecoin has around 47.11 million units in circulation, having been initialized as an ERC20 token on the Ethereum blockchain. At present, the stablecoin backed by the euro and issued by Circle is being held by 1,381 distinct addresses based on Ethereum.
The Euro stablecoin, EUROC, developed by Circle, has been integrated into the Avalanche (AVAX) blockchain natively. The AVAX blockchain employs a proof-of-stake (PoS) consensus mechanism. The announcement was made by Circle through their Twitter account. The official announcement has been made by Circle that [EUROC] is now operational on [Avalanche] as a multi-chain platform.
According to the company, the utilization of the euro-backed stablecoin on Avalanche by developers can result in the creation of faster and more effective solutions for users. This can enable smooth transactions, deposits, lending, borrowing, and other financial activities.
Circle observed that EUROC had received backing from prominent decentralized finance (DeFi) applications and protocols, including Curve Finance, Cable Finance, Trader Joe, Pangolin Dex, and Benqi. In a blog post released on Thursday, Circle declared that companies that meet the criteria and have a Circle Account can now avail themselves of EUROC liquidity on Avalanche.
Circle’s recent action comes in response to the reduction in market capitalization of its stablecoin, USD Coin (USDC), which has decreased from its peak of $55.9 billion on June 22, 2022, to its present value of $29.07 billion. According to the data, the market capitalization of USDC has experienced a decline of 47.99% over the course of the previous eleven months. In comparison to the over 10,000 cryptocurrencies listed on Coingecko.com, EUROC holds a ranking of 410th. The market capitalization of EUROC constitutes a mere 0.004% of the overall $1.15 trillion cryptocurrency market, whereas USDC holds a share of 2.519%.
In recent years, Circle has established itself as a significant player in the cryptocurrency industry by prioritizing regulatory compliance, transparency, and the advancement of stablecoin infrastructure. The recognition received by the company from both the crypto community and traditional financial institutions has contributed to the increased confidence in and adoption of digital assets.
The integration of Circle’s stablecoin onto the Avalanche blockchain is indicative of the growing need for stablecoin remedies and the increasing fascination with the advantages of blockchain technology. As blockchain networks continue to collaborate and integrate stablecoins, it is expected that there will be a significant advancement in decentralized finance, international transactions, and global financial inclusion.
The move by Circle to expand the Euro-pegged stablecoin onto the Avalanche blockchain is a noteworthy development that aims to enhance the accessibility and functionality of digital assets. Circle aims to meet the increasing need for stablecoin solutions in various applications, including decentralized finance and cross-border remittances, by utilizing the scalability and effectiveness of the Avalanche network.
Circle’s focus on regulatory compliance and transparency has positioned the company as a dependable player in the cryptocurrency sector, earning the admiration of both the crypto community and conventional financial establishments. The integration showcases the potential of blockchain technology to transform the worldwide financial sector and facilitate the extensive acceptance of digital assets.