FameEX Hot Topics | Avalanche Blockchain Welcomes Circle's Expansion of Euro-Pegged Stablecoin

Circle Financial, the stablecoin issuer, has recently announced the expansion of their euro-pegged crypto asset, EUROC, onto the Avalanche (AVAX) blockchain. This move has gained support from various decentralized finance (defi) protocols and projects, further enhancing the AVAX-issued EUROC asset.

Approximately 11 months ago, Circle launched EUROC as its second major fiat-pegged token, following the successful launch of usd coin (USDC). Initially introduced on the Ethereum blockchain as an ERC20 token, EUROC has currently reached a circulation of around 47.11 million tokens, as reported by etherscan.io. The euro-backed stablecoin has garnered the interest of 1,381 unique Ethereum-based addresses.

Taking to Twitter, Circle announced the native hosting of EUROC on the proof-of-stake (PoS) blockchain, Avalanche. The company expressed excitement by stating, "It is official, [EUROC] is now multi-chain and live on [Avalanche] today." Circle emphasized the benefits of this integration, highlighting that developers can leverage the efficiency and speed of Avalanche to deliver enhanced solutions for users to engage in activities such as sending, spending, saving, lending, and borrowing using a fully reserved, euro-backed stablecoin.

In addition to this development, Circle revealed that EUROC has already gained support from prominent defi applications and protocols including Curve Finance, Cable Finance, Trader Joe, Pangolin Dex, Benqi, and others. A blog post published by Circle emphasized that qualified businesses with a Circle Account can access Avalanche EUROC liquidity.

This recent expansion by Circle comes at a time when the market capitalization of their flagship stablecoin, USDC, has experienced a decline. USDC's market cap dropped from a peak of $55.9 billion on June 22, 2022, to its current value of $29.07 billion, representing a 47.99% decrease over the past 11 months. In contrast, EUROC holds a much smaller market valuation and currently ranks 410th among more than 10,000 listed crypto assets on Coingecko.com. EUROC's market cap accounts for only 0.004% of the entire $1.15 trillion crypto market economy, while USDC represents 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 support from various defi protocols, Circle aims to provide users with efficient and versatile solutions for utilizing the fully reserved, euro-backed stablecoin.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.