On Thursday, the stablecoin issuer Circle Financial announced that the euro-pegged crypto asset EUROC is expanding natively on the Avalanche (AVAX) blockchain. According to Circle, several decentralized finance (defi) protocols and projects are supporting the new AVAX-issued EUROC asset.
Circle’s EUROC Stablecoin Finds New Home on Avalanche Blockchain
About 11 months ago, Circle launched the euro stablecoin called euro coin (EUROC) as its second major fiat-pegged token, following usd coin (USDC). The EUROC stablecoin was initially launched on the Ethereum blockchain as an ERC20 token. Currently, there are approximately 47.11 million EUROC in circulation, according to statistics from etherscan.io. The euro-backed stablecoin issued by Circle is held by 1,381 unique Ethereum-based addresses.
On Twitter, Circle announced that EUROC will now be hosted natively on the proof-of-stake (PoS) blockchain Avalanche (AVAX). “It is official, [EUROC] is now multi-chain and live on [Avalanche] today,” Circle tweeted. “Developers can build on top of [eurocoin] on Avalanche to deliver faster, more efficient solutions for users to send, spend, save, lend, and borrow with a fully reserved, euro-backed stablecoin,” the company added.
Circle further noted that EUROC already has support from key defi applications and protocols like Curve Finance, Cable Finance, Trader Joe, Pangolin Dex, Benqi, and others. In a blog post published on Thursday, Circle said that it also offers “access to Avalanche EUROC liquidity for qualified businesses with a Circle Account.”
Circle’s latest move follows the market capitalization of the firm’s stablecoin usd coin (USDC) dropping from a high of $55.9 billion on June 22, 2022, to the current $29.07 billion. The data shows that over the last 11 months, USDC’s market cap dropped by 47.99%. In comparison, EUROC is much smaller and holds the 410th position out of more than 10,000 crypto assets listed on Coingecko.com. EUROC’s market valuation accounts for 0.004% of the entire $1.15 trillion crypto market economy, while USDC represents 2.519%.