Circle Takes Euro Coin Multi-Chain with Launch on Avalanche
Availability on the Avalanche network for Circle's euro-backed stablecoin delivers increased access to euro liquidity for developers and users around the globe
BOSTON, May 25, 2023 /PRNewswire/ -- Circle, a global digital financial technology firm and the issuer of USDC and Euro Coin, today announced the launch of Euro Coin on Avalanche, the first in a series of expected multi-chain launches for the fully reserved euro-backed stablecoin to help deliver faster, more efficient payments and financial services for developers and their users.
Bringing Euro Coin natively to Avalanche can help increase euro liquidity and provide optionality to global users who wish to transact in euros with Euro Coin, as well as in U.S. dollars with USDC. Avalanche developers who support USDC in their apps will find it easy to integrate Euro Coin as the two Circle-issued stablecoins are based on similar smart contract designs.
"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," said Joao Reginatto, VP of Product at Circle. "By launching Euro Coin on Avalanche's fast and efficient platform, we can help developers and their users experience near-instant, more cost effective financial transactions and unlock new possibilities for payments, remittances and 24/7 FX."
"Bringing Euro Coin to the Avalanche blockchain is a pivotal moment for Avalanche, and opens new possibilities for our developers and end users," said John Nahas, Vice President of Business Development at Ava Labs."We continue to see great adoption and volume behind Circle's USDC, and expect great feedback and usage of Euro Coin on Avalanche. DeFi continues to expand into a multi-currency, cross-border environment - delivering a trusted and fully reserved euro stablecoin like Euro Coin will greatly accelerate the adoption of instant payments and remittances to a much larger swath of the world."
Circle Account holders can now access Euro Coin liquidity on Avalanche to trade or lend in crypto capital markets, custody, or make and accept payments with Euro Coin on Avalanche.
Leading apps and wallets will support Euro Coi on Avalanche, including: BENQI, Cables, Coinbase Wallet, Core, Curve, Dexalot, GMX, MetaMask, NFT-TiX, Pangolin, Platypus, Shift Markets and Trader Joe.
Developers can integrate with the Euro Coin smart contract on Avalanche today and begin tapping into growing liquidity.
To learn more about Euro Coin and get started with a Circle Account, visit: circle.com/euro-coin.
About Ava Labs
Ava Labs was founded by Cornell computer scientists who brought on talent from Wall Street to execute their vision. The company has received funding from Andreessen Horowitz, Initialized Capital, and Polychain Capital, with angel investments from Balaji Srinivasan and Naval Ravikant.
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SOURCE Circle Internet Financial, LLC