EUROC Expands to Avalanche
Circle, a US company that issues legal currency-linked stablecoins, announced on the 25th that it has deployed the euro stablecoin “Eurocoin (EUROC)” on the Avalanche (AVAX) blockchain.
This is the second example of a Eurocoin distribution chain after Ethereum (ETH). The introduction of Eurocoin on Avalanche will increase liquidity and provide more options for users who wish to trade using the Euro.
At present, the total circulation of USDCoin (USDC), a USD-linked stablecoin issued by Circle, is approximately 4 trillion yen ($29 billion). On the other hand, according to CoinMarketCap, the EUROC market size is about 6.7 billion yen ($48 million) and is expected to grow in the future.
Due to the similarities in design between EUROC and USDC, products on Avalanche should be able to integrate Eurocoin relatively smoothly. Ava Labs Business Development Director Jon Nahas said:
With USDC adoption and transaction volume steadily increasing, we are also very excited about the response and usage rate for Eurocoin on Avalanche. As decentralized finance (DeFi) expands into multi-currency and cross-border environments, the fully backed EUROC stablecoin offering will greatly accelerate the adoption of instant payments and remittances. .
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EUROC integration in DeFi
Developers can integrate EUROC smart contracts on Avalanche and incorporate them into their services. Major Avalanche applications and wallets, including liquid staking BENQI, decentralized exchanges GMX and Trader Joe, as well as Coinbase Wallet and MetaMask, have been confirmed to support EUROC.
Users who hold EUROC can deposit their funds on the DEX and lending markets on Avalanche and earn interest. It is also possible to store value in wallets and perform payments and remittances. Circle’s Vice President of Products, Joao Reginat, said:
By deploying Eurocoin on Avalanche’s fast and efficient platform, developers and users will experience near real-time, cost-effective financial transactions such as payments, money transfers and even 24/7 foreign exchange. It becomes possible to explore new possibilities of
Avalanche is a smart contract platform designed to allow transactions to be finalized in less than a second. In addition to building decentralized applications (dApps), it is also possible to easily build unique blockchains called “subnets” for each project.
In early April, Avalanche launched Spruce, a dedicated network for financial institutions. Spruce allows for a set of authorized validators and its own gas token configuration, after which financial institutions T. Rowe Price, WisdomTree, Wellington Management, Cumberland and others have revealed they will use Spruce. These trends will further enhance the potential of Avalanche and EUROC.
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