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- EURC (EURC.e) goes live on the Polygon zkEVM, integrating a trusted Euro-backed stablecoin into the ecosystem.
- Circle’s EURC was previously available on Avalanche and a few other networks.
Polygon has officially announced that EURC (EURC.e) is now live on its zero-knowledge Ethereum Virtual Machine (zkEVM), expanding the list of tokens available to users.
🌍 Bridged EURC (EURC.e) is now live on Polygon zkEVM
The expansion brings a trusted, euro-backed stablecoin from @circle to the Polygon zkEVM ecosystem, enabling faster, seamless and cost-efficient transactions in euros onchain. pic.twitter.com/4ldIWIGgUP
— Polygon DeFi (@0xPolygonDeFi) April 9, 2024
EURC is a Euro-backed stablecoin available and accessible globally on Avalanche, Ethereum, Solana, and Stellar. According to Stablecoin Issuer Circle, this asset is supported by Circle Mint, an institutional 1:1 on/off-ramp service provided directly from Circle for free. It is said to offer trust, transparency, and security of Circle with many crypto exchanges and apps supporting it. These include Bitstamp, Coinbase, Ripio, Uniswap, and Jupiter Exchange.
As stated by Circle, EURC is expected to be the most interoperable Euro stablecoin. It could also support Cross-Chain Transfer Protocol (CCTP) in the future to ensure a secure and native transaction across blockchain networks.
Polygon zkEVM is an interesting development in the world of Ethereum compatibility blockchain with two important technologies – zero-knowledge proofs (aka zk-proofs) and Ethereum Virtual Machine (EVM). These create a highly scalable and secure blockchain solution.
More on the Polygon zkEVM
According to the Polygon official website, the zkEVM lowers transaction costs and increases throughput while ensuring that there is a base-layer security of Ethereum.
Polygon zkEVM is the leader in an emerging category of groundbreaking technology. Ethereum itself is less than a decade old, and scaling Ethereum with L2 protocols is a significantly newer practice. Nothing—not even Ethereum—emerges fully formed. As we’ve repeatedly noted, the concept of a true zkEVM–an EVM-equivalent, ZK-powered L2–was long considered to be years away. Polygon zkEVM Mainnet Beta is the moment that a long-awaited future arrives, but not without risks.
The Polygon zkEVM mainnet went live last year, with Sandeep Nailwal, the co-founder of Polygon stating that they want to align it with the Web3 ethos. Ethereum blockchain co-founder Vitalik Buterin was granted the privilege to initiate the first transaction on the new zkEVM.
At that time, Nailwal cautioned users not to deposit their life savings since it was a virtually new network. He further assured that several large Web3 applications would be built on the network in 18-24 months. Today, Polygon zkEVM has proven itself within the ecosystem, attracting several projects including EURC.
It is worth noting that the Polygon Bridge for Polygon zkEVM has a similar user experience as the Polygon PoS mainnet. However, it has several UX improvements including “transaction history, a visible progress bar, and a recent transaction panel with completion status.”
The launch of the Polygon bridge further offset many challenges by offering users with their favorite tokens such as ERC-20 tokens and the extended features of the ERC-777 tokens. Soon after launch, premier dApps such as Balancer and Lens, and other gaming projects started building on the Polygon zkEVM.
This significant development, however, failed to impact the price of Polygon (MATIC) as it declined by 4% in the last 24 hours to trade at $0.89.
