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- Circle, the popular issuer of Stablecoin USDC has announced the launch of its Euro-backed stablecoin EURC on Coinbase’s Ethereum layer-2 network, Base.
- This marks a significant milestone for stablecoin EURC as it was only exclusive on Avalanche, Ethereum, Solana, and Stellar.
Circle, the issuer of popular stablecoins USDC and EURC, has expanded its reach by launching EURC on Coinbase’s Ethereum layer-2 network, Base. This is a significant moment for Base and EURC as it is the EURC’s first time that it is accessible on an Ethereum layer-2 network. Previously, layer-2s could only use a derivative form of EURC backed by versions on other networks.
Another focal point to EURC’s launch on Base is that Circle’s US dollar-backed stablecoin USDC is also available on BASE. Additionally, both USDC and EURC are the only stablecoins from a popular stablecoin issuer that comply with the new Markets in Crypto-Assets (MiCA) regulation. This is in agreement with the EU’s comprehensive crypto asset regulations
Notably, this new development positions Circle at the summit of stablecoin issuers like Tether whose Euro stablecoin EURT was delisted on Bitstamp due to noncompliance with the MiCA regulations.
Interestingly, with this new advancement, users will be able to exchange their EURO for dollars and vice-versa. It is also worth noting that a study conducted in 2023 showed that forex trades on blockchain can reduce costs by up to 80%. Disappointingly, Base’ EURC traders might have to wait as EURC hasn’t been listed on decentralized exchanges such as Aerodrome, Uniswap, and BaseSwap.
This important news comes after Circle hit a new milestone in the financial landscape. Early this month, as reported on CNF, Circle became the first stablecoin issuer to comply with the MicA regulations. This achievement allows Circle to officially offer USDC and EURC to European customers under the oversight of French regulators ACPR.
This compliance, as many view it, including analysts, is a pivotal moment in the evolution of digital currency. It also reflects Circle’s long-term vision of utilizing blockchain technology to facilitate fiat digital currencies on open and compatible networks.
Jeremy Allaire, Circle’s CEO highlighted the importance of complying with the regulatory board stating:
Today’s announcement from Circle is a major milestone in the ongoing development of the internet financial system, with one of the largest economies in the world having established clear regulations that make stablecoins legal electronic money, and ushering in a phase in the crypto market’s development as a mainstream infrastructure for payments, finance and commerce.
Circle has even gone further to showcase its dedication to abiding by the law by establishing its European headquarters in France, a country known for its robust policies. As the digital asset landscape continues to evolve, Circle plans on a wider and greater adoption of the newly launched EURC stablecoin.
