2024-07-10
EURC is a euro-backed stablecoin that Circle
issued to the Base network on July 9, 2024.
Circle is the same company that issues
USDC, and it’s designed to enable developers to create applications that can
handle faster and cheaper transactions with a euro-backed digital currency for
global users.
EURC is the first euro-backed
stablecoin on Base, joining USDC as one of the major stablecoins available on
the platform.
As of July 9th, USDC is the largest
stablecoin on Base with more than $3 billion in circulation.
Both EURC and USDC are compliant with EU’s Markets in Crypto Assets (MiCA) regulation.
Circle, a global financial technology firm and the issuer of USDC and EURC, on July 1, 2024, has become the first global stablecoin issuer to achieve compliance with the European Union’s landmark Markets in Crypto-Assets (MiCA) regulatory framework.
The introduction of EURC to Base is
significant because the euro is the third-largest fiat currency in the
traditional financial system, indicating a large potential for growth in
the digital asset economy.
Some of the use cases for EURC and USDC
on Base include cross-border payments, crypto capital markets, decentralized
finance and as a store of value for savings and forex to hedge against
inflation of local currencies.
Developers can start experimenting with
EURC by getting free testnet tokens through Circle’s Testnet Faucet.
EURC now available on Avalanche, Base, Ethereum,
Solana, and Stellar blockchains.
