Circle has announced that it is launching Euro Coin on the Avalanche blockchain.
This move is part of Circle’s planned series of launches of the euros-baked stablecoin on various blockchain networks. The introduction of Euro Coin on the Avalanche platform aims to optimize payment and financial service operations, enhancing speed and efficiency for both developers and users.
According to Circle’s press release, the integration of Euro Coin into the Avalanche platform offers several advantages. It enhances euro liquidity and provides global users with a broader range of options for engaging in transactions using euros. Additionally, users can conveniently transact in both euros with Euro Coin and U.S. dollars with USDC, offering increased flexibility.
Joao Reginatto, the Vice President of Product at Circle, stated that by implementing Euro Coin on the Avalanche blockchain, Circle aims to facilitate near-instantaneous and economically viable financial transactions, providing developers and users with enhanced experiences.
Reginatto also emphasized the potential of this advancement to unlock innovative opportunities in areas such as payments, remittances, and round-the-clock foreign exchange services.
John Nahas, the Vice President of Business Development at Ava Labs, expects great feedback and usage of Euro Coin on Avalanche, citing the growing adoption and volume behind Circle’s USDC stablecoin. He believes this new development marks a crucial turning point for Avalanche because it opens up new opportunities for developers and end users.
Nahas further asserted that as decentralized finance (DeFi) expands into a diverse landscape of multiple currencies and cross-border transactions, integrating a reliable and fully backed stablecoin like Euro Coin will greatly expedite the global acceptance of instant payments and remittances.
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