Try Quests to earn AVAXCircle on Fire | EUROC on Avalanche
Euro Coin, or EUROC, is a euro-backed stablecoin that’s accessible globally on Ethereum and Avalanche. Similar to USDC, Euro Coin is issued by Circle under a full-reserve model. Designed for stability, Euro Coin is 100% backed by euros held in euro-denominated banking accounts so that it’s always redeemable 1:1 for euros.
What Are Stablecoins?
Stablecoins are cryptocurrencies whose value is pegged, or tied, to that of another currency, commodity, or financial instrument. Stablecoins aim to provide an alternative to the high volatility of the most popular cryptocurrencies, including Bitcoin (BTC), which has made crypto investments less suitable for common transactions. [Source]
What Is Circle?
Circle is a Boston-based financial services company that uses blockchain technology for its peer-to-peer payments and cryptocurrency-related products. It was started in 2013 by Jeremy Allaire, who previously founded Brightcove, a video platform company, and Sean Neville. Circle started as a consumer peer-to-peer cryptocurrency payments and exchange platform, sponsoring the popular cryptocurrency exchange Poloniex after the exchange experienced hardship in 2017, which was later spun out in October 2019. In 2016 the company stopped offering its cryptocurrency wallet services. In June 2019, it was announced that Circle Pay mobile and related web apps would be discontinued. In 2020, the company's focus shifted to its stablecoin as "programmable dollars" for business use. In 2021, Circle was acquired by Concord Acquisition Corp., a special purpose acquisition company (SPAC), in a deal valued at $4.5 billion. The deal will take the company public in late 2021 under the ticker symbol 'CRCL'.
In May of 2021, the company announced it had raised $440 million in financing from institutional and strategic investors. In 2018, Circle had raised $110 million in venture capital to create a stablecoin on Ethereum coin backed by U.S. dollars, known as USD Coin (USDC). [Source]
What is Euro Coin?
Euro Coin (EUROC) is a stablecoin issued by Circle Financial with a value that’s pegged to the dominant currency on the European Continent, the euro. Each Euro Coin in circulation is backed by one euro held in reserve in euro-denominated, U.S.-regulated bank accounts, and a single Euro Coin is always redeemable 1:1 for one euro. It’s the first stablecoin to have its reserves backed by the euro, utilizing the same model as USD Coin (USDC), another stablecoin launched by Circle Financial. The key difference between the two is that USDC reserves are instead held in U.S. dollars or equivalents. USDC was an immensely successful launch for Circle. More than $55 billion in USDC is in circulation today, making it the fourth largest cryptocurrency by market cap. Similar to many other cryptocurrencies, but particularly stablecoins, Euro Coin opens new pathways for making fast and secure financial transactions across borders at a low cost. Since it’s backed by euros, it will enable businesses and individuals in the European market to make and accept payments in their local currency from anywhere in the world. [Source]
Circle Launches Native Euro Coin on Avalanche
Circle, a global digital financial technology firm and the issuer of USDC and Euro Coin, today announced the launch of Euro Coin on Avalanche, the first in a series of expected multi-chain launches for the fully reserved euro-backed stablecoin to help deliver faster, more efficient payments and financial services for developers and their users. Bringing Euro Coin natively to Avalanche can help increase euro liquidity and provide optionality to global users who wish to transact in euros with Euro Coin, as well as in U.S. dollars with USDC. Avalanche developers who support USDC in their apps will find it easy to integrate Euro Coin as the two Circle-issued stablecoins are based on similar smart contract designs.
Circle Account holders can now access Euro Coin liquidity on Avalanche to trade or lend in crypto capital markets, custody, or make and accept payments with Euro Coin on Avalanche. Leading Avalanche apps and wallets will support Euro Coin, including: BENQI, Cables, Core, Curve, Dexalot, GMX, NFT-TiX, Pangolin, Platypus, Shift Markets and Trader Joe. Developers can integrate with the Euro Coin smart contract on Avalanche today and begin tapping into growing liquidity. [Source]
