Center consortium member Circle has launched the euro-pegged stablecoin Euro Coin (EUROC) on the Avalanche network.
1/ It is official, #EuroCoin is now multi-chain and live on @avax today: https://t.co/rzlgtMcYKc
— Circle (@circle) May 25, 2023
According to the firm, developments based on the new blockchain will provide users with more efficient solutions for sending, spending, lending and borrowing funds in a “fully secured” asset.
“We are enabling developers and users to make near-instantaneous and more cost-effective transactions, opening up new opportunities for payments and money transfers,” the company said.
The Avalanche integration is driven by “growing demand for stablecoin diversification” by various networks.
Circle added that many platforms, including Benqi, Curve, Dexalot, GMX, Pangolin, Shift Markets and Trader Joe, are interested in integrating the new stablecoin.
Recall that Circle launched Euro Coin on the Ethereum blockchain last summer.
According to CoinGecko, EUROC has a market capitalization of $51 million.
Earlier, Société Générale, a financial conglomerate, announced the launch of the euro-denominated stablecoin CoinVertible.
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