Circle’s Euro-Backed Stablecoin EURC to Launch on Base

Circle,
a
leading
global
financial
technology
firm,
has
announced
the
upcoming
launch
of
its
euro-backed
stablecoin,
EURC,
on
the
Base
network.
This
marks
the
first
euro-backed
stablecoin
to
be
introduced
on
the
Base
platform,
aiming
to
facilitate
faster
and
cheaper
commerce
for
developers
and
global
users,
according
to

Circle.

Significance
of
EURC
for
the
Base
Ecosystem

The
addition
of
EURC
to
the
Base
network
is
expected
to
significantly
enhance
the
ecosystem.
Circle’s
EURC
joins
USDC,
another
stablecoin
issued
by
Circle,
which
has
already
seen
substantial
adoption
on
Base
with
over
$3
billion
in
circulation
as
of
July
9,
2024.
The
euro,
being
the
third
largest
fiat
currency
globally,
represents
a
vast
opportunity
for
growth
within
the
digital
asset
economy.

Compliance
with
MiCA
Regulation

Both
EURC
and
USDC
are
the
first
stablecoins
on
Base
from
a
global
issuer
that
comply
with
the
new
Markets
in
Crypto
Assets
(MiCA)
regulation.
This
ensures
that
these
digital
currencies
are
regulated,
fully
reserved,
and
redeemable
1:1
for
euros
and
dollars
respectively,
providing
a
secure
and
reliable
means
for
transactions
and
savings.

Benefits
and
Use
Cases

Circle
highlights
several
benefits
and
use
cases
for
integrating
EURC
and
USDC
into
the
Base
network:

• Regulated,
  fully
  reserved,
  and
  redeemable
  1:1
  for
  euros
  and
  dollars
  respectively
• Institutional
  on/off-ramps
  via
  Circle
  Mint
  for
  qualified
  businesses
• Easy
  integration
  into
  new
  and
  existing
  applications
• Retail
  access
  to
  Coinbase’s
  global
  on-
  and
  off-ramp
  network

These
features
support
a
variety
of
applications,
including
near-instant
cross-border
payments
for
international
remittances,
peer-to-peer
payments,
and
marketplace
payouts
at
a
fraction
of
the
cost
of
traditional
systems.
Additionally,
they
provide
24/7
access
to
a
robust
DeFi
ecosystem
and
offer
a
store
of
value
for
savings
and
FX
to
hedge
against
local
currency
inflation.

Developer
Opportunities

Developers
are
encouraged
to
experiment
with
fund
flows
in
their
applications
using
testnet
EURC
or
USDC
on
Base
Sepolia.
Circle
provides
a
Testnet
Faucet
to
facilitate
this
experimentation,
enabling
developers
to
integrate
and
test
the
new
stablecoins
within
their
projects.

Conclusion

The
introduction
of
EURC
on
the
Base
network
by
Circle
is
a
significant
development
for
the
digital
asset
economy,
providing
a
euro-backed
stablecoin
that
enhances
the
capabilities
and
reach
of
the
Base
ecosystem.
This
launch
is
expected
to
drive
further
innovation
and
adoption
of
digital
currencies
globally.

Image
source:
Shutterstock