Circle, the Stablecoin issuer, has launched an Euro Coin on Avalanche, which has been considered to be a move that would deliver faster and more efficient payments. The financial services will also be used for users and developers. In an announcement read by Cointelegraph, the team stated that the launch was a part of their multi-chain strategy for the EUROC.
The team also mentioned that the availability of EUROC on Avalanche would increase the liquidity, and would give users the option to start investing and conducting transactions in Euros along with the USDC. The stablecoin issuer launched EUROC the previous year as a regulated stablecoin that was completely backed with euro reserves. This implies that every token would have an equivalent Euro that was held in custody at the United States-regulated financial institutions.
Circle Has Big Plans For the EUROC
The vice president of Product for Circle, Joao Reginatto, mentioned that the launch of the EUROC allowed for a far better access to the Euro for anyone. He explained that when they had first introduced the Euro Coin on Ethereum the previous year, they had expected and wanted anyone with an internet connection to have access to the Euro across time zones. Interestingly, bringing this token to Avalanche would also allow the developers and the users to have a far more cost-effective experience in their own financial transactions.
Also, Circle recently introduced a protocol that would allow cross chain transfers of USDC between Avalanche and Ethereum. On 26th April, the team had launched the protocol that would burn the coins on the sender chain and mint new ones on the recipient chain. This differed quite greatly from the traditional bridges that would simply lock the tokens to their own contracts.