TLDR
- Circle is rolling out its euro-backed stablecoin, EURC, on the Base Network, which is a solution built on Ethereum layer-2 technology.
- For the first time, EURC is natively available on an Ethereum layer-2 network.
- Circle claims that EURC and USDC on Base are the pioneering MiCA-compliant stablecoins issued by a global entity on this network.
- The goal of this advancement is to streamline global e-commerce and forex transactions through blockchain technology.
- EURC still lacks extensive listings on primary decentralized exchanges within the Base ecosystem.
Circle is known for creating the widely recognized USD Coin (USDC), and is now advancing to broaden its euro-pegged stablecoin footprint. , EURC, by launching it on Base , created by Coinbase, serves as an Ethereum layer-2 network.
This initiative signifies a crucial turn in the realm of stablecoins, offering new ways for digital euros to be utilized in blockchain trades and international online commerce.
On July 9, Circle declared that EURC has been deployed on Base for the first time, becoming a native option on an Ethereum layer-2 platform.
Earlier, EURC was only natively present on ecosystems including Avalanche, Ethereum, Solana, and Stellar. Layer-2 systems mainly relied on EURC derivatives linked to versions from other networks.
By introducing EURC, Circle enhances trust and regulatory alignment for euro-backed assets on-chain.
We launched $USDC Base, launched last year, houses the largest stablecoin—USDC—with over $3 billion in circulation by July 9th.
— Circle (@circle) July 9, 2024
A striking feature of this launch is Circle's assurance that EURC and USDC on Base are the initial stablecoins from a global issuer that adhere to the MiCA guidelines.
Observing the rising regulatory focus on cryptocurrencies, Meeting MiCA compliance is key to safeguarding investor interests while nurturing sector creativity.
The EURC introduction to Base is anticipated to offer multiple advantages for both users and developers. Circle highlights that e-commerce will facilitate smoother global trading from this endeavor.
With a stable, euro-backed currency on a swift, economical layer-2 platform, Circle seeks to minimize barriers in international deals, enabling quick payments for worldwide money transfers, direct payments, and sales through networks.
Introducing both EURC and USDC to Base broadens the horizon for currency exchange on blockchain platforms. A 2023 analysis indicated forex dealings on blockchains could slash costs by significant margins compared to traditional approaches.
The presence of euro and dollar stablecoins on an identical layer-2 platform allows users to convert these efficiently and economically.
At the launch time, significant decentralized exchanges on Base, including Aerodrome, Uniswap, and BaseSwap, did not have EURC on board. PancakeSwap supports trading via its import mechanism, albeit with a warning for users.
Circle has issued an official token address for EURC on the Base mainnet (0x60a3e35cc302bfa44cb288bc5a4f316fdb1adb42) to assure authenticity and prevent misinterpretation involving imitated stablecoin versions.
Introducing EURC on Base aligns with Circle's larger scheme to extend its stablecoin catalog and remain dominant in the shifting digital currency domain. Co-founder Jeremy Allaire emphasized this venture's significance on social platforms.
This action coincides with Circle's ongoing efforts toward regulatory alignment. The firm has successfully secured an E-money License for USDC and EURC under MiCA, positioning it at the forefront of evolving crypto regulations.
Circle actively advocates for stablecoin clarity within the U.S. to support innovation safeguarding investor interests.
