Circle Revolutionizes Cross-Chain Payments with Euro Coin

Circle has announced the launch of Euro Coin on Avalanche, marking the first step in a series of anticipated multi-chain releases for their fully reserved euro-backed stablecoin. 

The introduction of Euro Coin on Avalanche aims to facilitate faster and more efficient payments and financial services for developers and their users.

By introducing Euro Coin natively to Avalanche, Circle aims to enhance euro liquidity and provide a convenient option for global users who wish to transact in euros alongside USDC's U.S. dollar functionality. 

According to a recent statement, developers supporting USDC in their applications will find it seamless to integrate Euro Coin, as both stablecoins are built on similar smart contract designs. This integration will enable Circle Account holders to access Euro Coin liquidity on Avalanche for activities such as trading, lending in crypto capital markets, custody, and making and accepting payments.

A range of prominent apps and wallets have pledged their support for Euro Coin on Avalanche. Notable participants include BENQI, Cables, Coinbase Wallet, Core, Curve, Dexalot, GMX, MetaMask, NFT-TiX, Pangolin, Platypus, Shift Markets, and Trader Joe.

Several applications on Avalanche have expressed interest in adopting Euro Coin, according to Circle. Notably, decentralized finance platforms, including Benqi, Curve, Dexalot, GMX, Pangolin, Shift Markets, and Trader Joe are expected to integrate this stablecoin. 

Currently, Circle manages two fiat-based stablecoins—USD Coin, with a market capitalization nearing $29 billion, and Euro Coin, which currently holds a market value of approximately $48 million.