Circle’s Euro-Backed Stablecoin EURC Launches on Base

Circle,
a
prominent
global
financial
technology
firm,
has
announced
the
launch
of
its
euro-backed
stablecoin,
EURC,
on
the
Base
mainnet.
This
development
is
set
to
provide
developers
and
users
with
enhanced
capabilities
for
minting
and
redeeming
EURC,
according
to

circle.com.

EURC
on
Base

EURC
is
a
euro-backed
stablecoin
issued
by
Circle,
aimed
at
facilitating
global
commerce
on
Base.
The
stablecoin’s
introduction
on
Base,
a
leading
Ethereum
Layer
2
(L2)
solution,
underscores
its
commitment
to
creating
a
global,
on-chain
economy
that
fosters
innovation,
creativity,
and
freedom.
Circle’s
APIs
now
support
minting
and
redeeming
EURC
on
Base
for
financial
institutions,
ensuring
compliance
with
the
new
Markets
in
Crypto
Assets
(MiCA)
regulation
in
the
EU.

Several
leading
partners
are
supporting
EURC
on
Base
at
launch,
including
Aerodrome,
Coinbase,
Coinbase
Wallet,
and
Uniswap
Labs.
Businesses,
developers,
and
users
can
now
leverage
EURC
on
Base
for
various
financial
activities
such
as
trading,
borrowing,
lending,
and
payments.

USDC
on
Base

Circle
had
previously
launched
its
US
dollar-backed
stablecoin,
USDC,
on
Base,
which
has
become
the
largest
stablecoin
on
the
platform.
As
of
July
2024,
USDC
boasts
nearly
$3
billion
in
circulation
and
holds
a
97%
market
share
among
stablecoins
on
Base.
Base
ranks
fifth
in
stablecoin
market
capitalization
among
all
blockchains.

Coinbase
has
announced
plans
to
increase
its
corporate
and
customer
USDC
balances
on
Base.
Currently,
over
250
applications
have
been
developed
on
Base,
supporting
various
use
cases
across
finance,
social
media,
gaming,
art,
and
infrastructure.
Leading
applications
that
support
USDC
on
Base
include
Aave,
Aerodrome,
Blackbird,
Moonwell,
Morpho,
and
Uniswap.

Benefits
of
EURC
and
USDC

• Both
  stablecoins
  are
  regulated,
  fully
  reserved,
  and
  redeemable
  1:1
  for
  euros
  and
  dollars,
  respectively.
• They
  enable
  institutional
  on/off-ramps
  like
  Circle
  Mint
  for
  qualified
  businesses.
• Easy
  integration
  into
  both
  new
  and
  existing
  applications.
• Retail
  access
  to
  Coinbase’s
  global
  on/off-ramp
  network.

Powering
Global
Use
Cases

Developers,
fintech
companies,
exchanges,
and
traders
can
utilize
EURC
on
Base
for
a
variety
of
global
use
cases.
The
integration
of
EURC
and
USDC
aims
to
streamline
financial
transactions,
enhance
liquidity,
and
support
the
growing
decentralized
finance
(DeFi)
ecosystem.

EURC
Issued
by
Circle

Token
Symbol:
EURC

Mainnet
Address:

0x60a3e35cc302bfa44cb288bc5a4f316fdb1adb42

Testnet
Address:

0x808456652fdb597867f38412077A9182bf77359F

USDC
Issued
by
Circle

Token
Symbol:
USDC

Mainnet
Address:

0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913

Testnet
Address:

0x036CbD53842c5426634e7929541eC2318f3dCF7e

Qualified
financial
institutions
can
apply
to
access
on/off-ramps
for
converting
fiat
currency
to
EURC
or
USDC
on
Base
by
applying
for
a
Circle
Mint
account.
Developers
can
start
building
with
EURC
and
USDC
on
Base
using
Circle’s
open-source,
permissionless
protocols.

Image
source:
Shutterstock