Stablecoin issuer Circle has launched Euro Coin (EUROC) on Avalanche, a move aimed at providing faster and more efficient payment and financial services to developers and users.
Circle says that the launch is part of their multi-chain strategy for EUROC. The team says the availability of EUROC on Avalanche increases its liquidity and gives users the option to trade in euros alongside the USD-backed stablecoin, USD Coin (USDC).
The stablecoin issuer launched EUROC last year as a fully regulated stablecoin backed by euro reserves. This means that each EUROC will have one euro equivalent held in US regulated financial institutions.
Circle’s vice president of product, Joao Reginatto, said that the launch of EUROC gives people better access to the euro. Reginatto explains:
When we first introduced Euro Coin on Ethereum last year, we wanted anyone with an internet connection to have access to euro across borders and all time zones.
According to Reginatto, the inclusion of stablecoins in Avalanche allows developers and users to have a “more cost-effective” experience in their financial transactions. The CEO believes this creates new possibilities for payments and remittances.