Circle expects this launch to be the first of many multi-chain launches of euro-denominated stablecoins that are reportedly fully backed. Like USDC, the Euro Coin is designed to keep its price stable by being fully backed by the fiat Euro and is redeemable on demand.
Circle has released its latest work Certification report Deloitte verifies the euro reserve backing on a one-to-one basis.
Integrating the Eurocoin into the Avalanche blockchain is expected to enhance the liquidity of the euro and increase trading flexibility for users around the world.
This development will facilitate trading in Euros using the Euro Coin alongside existing US Dollar trading with USDC. The commonality of smart contract design between his USDC and Euro Coin, stablecoins issued by Circle, provides a seamless integration process for Avalanche developers.
Reflecting on the initial introduction of Eurocoin on Ethereum last year, Circle VP of Products Joan Reginat said: time constraints. ”
“Launching Eurocoin on Avalanche, a platform recognized for speed and efficiency, will offer developers and users the advantage of near-instantaneous and cost-effective financial transactions, enabling new ways to make payments, remittances and rounds. We aim to pave the way for ”-Watch Forex. ”
Ava Labs’ vice president of business development, Jon Nahas, echoes this sentiment.
“The introduction of the Eurocoin on the Avalanche blockchain is a significant development and opens up new opportunities for both developers and users …As DeFi evolves into a multi-currency, cross-border ecosystem, a trustworthy and complete The delivery of a Euro stablecoin reserved for the likes of Eurocoin will undoubtedly facilitate the introduction of instant payments and remittances to a wider global population.”
Nahas emphasized the continued growth and popularity of USDC on Circle, and expected a similar reaction to the introduction of Eurocoin on Avalanche.
As a result of this development, Circle account holders will be able to leverage the increased liquidity of their Euro Coins on Avalanche to trade, lend, and manage custody in the crypto capital markets, or make and receive Euro Coin payments on Avalanche. can now be done.