Developers launch Euro Coin, a cryptocurrency pegged to the euro

Circle has launched Euro Coin (EUROC), a stablecoin pegged to the euro, on the Avalanche network.

«EuroCoin is a permanent stablecoin that expands access to the euro around the world. Now that USDC and EuroCoin are on the Avalanche platform, users can experience new opportunities for multi-currency digital finance and near-instant 24/7 asset exchange. We give users the ability to make almost instant transactions, opening up new opportunities for payments and money transfers,» the developers wrote in their blog.

1/ It is official, #EuroCoin is now multi-chain and live on @avax today: https://t.co/rzlgtMcYKc

— Circle (@circle) May 25, 2023

Circle’s Vice President of Product João Reginatto said: «When we first introduced the Euro Coin on Ethereum last year, we wanted everyone with an internet connection to have access to the euro regardless of borders and time zones.»

In turn, John Nahas, vice president of business development at Ava Labs, expects «great feedback from the use of Euro Coin on the Avalance blockchain.» According to Nahas, decentralized finance (DeFi) is expanding the multi-currency cross-border environment, so the addition of EUROC will accelerate the adoption of DeFi in «a much larger part of the world.»

The company said that both crypto exchanges and fintechs, institutional traders and developers can use Avalanche EUROC via Circle Account and Circle API in such cases:

• Making programmatic transfers and payments worldwide in seconds;
• Trading, borrowing, and lending on Curve, GMX, and Trader Joe’s apps;
• Accepting payments for e-commerce, NFT marketplaces, and games.