Stablecoin issuer Circle has launched Euro Coin (EUROC) on Avalanche, a move that aims to deliver faster and more efficient payments and financial services for developers and users.
In an announcement sent to Cointelegraph, the Circle team said that the launch is part of their multi-chain strategy for EUROC. The team said that the availability of EUROC on Avalanche increases its liquidity and gives users the option to transact in euros along with its USD-backed stablecoin, USD Coin (USDC).
The stablecoin issuer launched EUROC last year as a regulated stablecoin that’s fully backed with euro reserves. This means that each EUROC token will have an equivalent euro held in custody at United States-regulated financial institutions.
Circle’s vice president of product, Joao Reginatto, said that the EUROC launch allows better access to the euro for anyone. Reginatto explained:
“When we first introduced Euro Coin on Ethereum last year, we wanted anyone with an internet connection to have access to the euro across borders and time zones.”
Bringing the token to Avalanche allows developers and users to have a “more cost-effective” experience in their financial transactions, according to Reginatto. The executive believes that this creates new possibilities for payments and remittances.
John Nahas, the vice president of business development at Ava Labs, expects “great feedback and usage of Euro Coin” on the Avalance blockchain. According to Nahas, decentralized finance (DeFi) is expanding into a more multi-currency and cross-border environment and adding EUROC will speed up adoption to a “much larger swath of the world.”
Meanwhile, Circle has recently introduced a protocol that allows cross-chain transfers of USDC between Ethereum and Avalanche. On April 26, the team launched the protocol that would burn coins on the sender chain and mint new ones on the recipient chain. This greatly differs from traditional bridges that simply lock tokens to their contract.
Magazine: Unstablecoins: Depegging, bank runs and other risks loom
source:cointelegraph
Polkadot was launched in May 2020. In a market dominated by Bitcoin and Ethereum, it quickly established itself as the next generation blockchain. The scale and interoperability problems limit Bitcoin's ability to transfer value without the assistance of
For some newcomers to the currency circle, they are not familiar with the investment in the currency circle, and their understanding of the special currency is not very deep. Therefore, they may be at a loss in the choice of investment methods. Many inves
Lummis is a well-known crypto advocate on Capitol Hill with over $100,000 in crypto.
Several analysts argue that shrimp accumulation is good for the Bitcoin network because it makes the asset more decentralized over time.
ARK Invest filed for a spot Bitcoin ETF in collaboration with 21Shares long before BlackRock did, and its application is reportedly first in line for the SEC’s approval.
Interestingly, the price surge was on the back of increased activity from whales, as indicated by on-chain data. The increased activity led to an increased"/>
Recent market dynamics have seen Solana struggling to break above the $200 mark. A notable bearish factor among these market fundamentals is the recent"/>
DOGE, the internet's favorite memecoin, is back in the spotlight. Recent data reveals a surge in futures market activity, coupled with bullish technical"/>
TTy1G5cgA1pk67XLFpFbB81jSfo8G3pgxw
Co-founder of Tornado Cash Roman Storm has filed a motion to dismiss the charges levied against him by the US Department of Justice (DOJ)."/>
On Thursday, March 28, a hack occurred on Prisma Finance, a decentralized lending protocol on the Ethereum network. The exploiter carted away about 3,257.7"/>
Once fully licensed in Dubai, Bybit plans to run a full-scope exchange, offering crypto lending, payments, investment and other services.
Tue, 18 Apr 2023