Circle Financial recently made an announcement regarding the expansion of their euro-pegged crypto asset, EUROC, onto the Avalanche (AVAX) blockchain. This move has been well-received by numerous decentralized finance (defi) protocols and projects, further strengthening the AVAX-issued EUROC asset.
Around 11 months ago, Circle introduced EUROC as its second major fiat-pegged token, following the successful launch of usd coin (USDC). Initially launched as an ERC20 token on the Ethereum blockchain, EUROC has currently achieved a circulation of approximately 47.11 million tokens, according to data from etherscan.io. The euro-backed stablecoin has attracted the attention of 1,381 unique Ethereum-based addresses.
Circle took to Twitter to share the news of EUROC's native hosting on the proof-of-stake (PoS) blockchain, Avalanche. Expressing their enthusiasm, Circle declared, "It is official, [EUROC] is now multi-chain and live on [Avalanche] today." The integration with Avalanche brings notable advantages, as developers can leverage the blockchain's efficiency and speed to provide users with enhanced solutions for activities such as sending, spending, saving, lending, and borrowing, all facilitated by a fully reserved, euro-backed stablecoin.
In addition to this milestone, Circle revealed that EUROC has already garnered support from prominent defi applications and protocols such as Curve Finance, Cable Finance, Trader Joe, Pangolin Dex, Benqi, and others. A blog post by Circle emphasized that qualified businesses with a Circle Account can access Avalanche EUROC liquidity.
This expansion by Circle comes at a time when the market capitalization of their flagship stablecoin, USDC, has experienced a decline. Over the past 11 months, USDC's market cap has decreased from its peak of $55.9 billion on June 22, 2022, to its current value of $29.07 billion, representing a decline of 47.99%. In contrast, EUROC holds a much smaller market valuation, currently ranking 410th among over 10,000 listed crypto assets on Coingecko.com. EUROC's market cap represents only 0.004% of the entire $1.15 trillion crypto market economy, while USDC accounts for 2.519%.
Circle's decision to expand the availability of EUROC onto the Avalanche blockchain demonstrates their commitment to exploring new opportunities and catering to a broader range of users and developers. By leveraging Avalanche's features and with the support of various defi protocols, Circle aims to provide users with efficient and versatile solutions for utilizing the fully reserved, euro-backed stablecoin. This strategic move signifies Circle's dedication to staying at the forefront of the evolving crypto landscape and offering innovative solutions in the digital asset space.
Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.