In an effort to revolutionize digital finance and streamline transactions, Circle, a prominent global financial technology firm, has recently launched Euro Coin on the Avalanche blockchain.
Euro Coin, a fully reserved euro-backed stablecoin, represents the first step in Circle’s ambitious plan to introduce a series of multi-chain launches aimed at delivering faster and more efficient financial services for developers and users.
The integration of Euro Coin into the Avalanche blockchain is set to significantly increase euro liquidity, offering global users the option to conduct transactions in euros with Euro Coin or in U.S. dollars with USDC, another stablecoin issued by Circle. With similar smart contract designs, developers already supporting USDC in their applications will find it seamless to integrate Euro Coin.
Joao Reginatto, Circle’s Vice President of Product, emphasized the company’s initial objective when Euro Coin was introduced on the Ethereum blockchain last year. Circle aimed to make the euro accessible to anyone across borders and time zones with an internet connection. By launching Euro Coin on Avalanche’s high-speed and efficient platform, developers and users can now experience near-instantaneous and cost-effective financial transactions, unlocking new possibilities for payments, remittances, and 24/7 foreign exchange.
The introduction of Euro Coin to the Avalanche blockchain is seen as a significant milestone by John Nahas, Vice President of Business Development at Ava Labs. Nahas believes that Euro Coin’s arrival opens up new opportunities for developers and end users alike. Given the impressive adoption and trading volume behind Circle’s USDC stablecoin, Nahas expects Euro Coin to be warmly received on Avalanche. He anticipates that the availability of a trustworthy and fully reserved euro stablecoin like Euro Coin will propel the adoption of instant payments and remittances on a global scale.
Circle Account holders can now leverage Euro Coin liquidity on the Avalanche blockchain for various purposes. They can trade or lend in crypto capital markets, custody digital assets, and make and accept payments using Euro Coin. To further facilitate the adoption of Euro Coin, leading applications and wallets on the Avalanche platform, including BENQI, Cables, Core, Curve, Dexalot, GMX, NFT-TiX, Pangolin, Platypus, Shift Markets, and Trader Joe, have pledged their support for the stablecoin.
For developers interested in integrating Euro Coin’s functionality, the smart contract on the Avalanche blockchain is available for integration as of today. Developers can tap into the growing liquidity and explore the vast potential offered by Euro Coin on the Avalanche platform.
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