Circle, a member of the Centre consortium, launched the euro-pegged stablecoin Euro Coin (EUROC) on the Avalanche network.
1/ It is official, #EuroCoin is now multi-chain and live on @avax today: https://t.co/rzlgtMcYKc
— Circle (@circle) May 25, 2023
According to the company’s representatives, developments on the new blockchain will provide users with more efficient solutions for sending, spending, lending, and borrowing funds in a ‘fully collateralised’ asset.
“We give developers and users the ability to make nearly instantaneous and more cost-efficient transactions, opening up new possibilities for payments and remittances,” the company said.
The Avalanche integration is driven by growing demand for stablecoin diversification across networks.
Circle added that many platforms, including Benqi, Curve, Dexalot, GMX, Pangolin, Shift Markets and Trader Joe, are interested in integrating the new ‘stablecoin’.
Earlier, Circle launched Euro Coin on the Ethereum blockchain.
According to CoinGecko, the market capitalization of EUROC is $51 million.
Earlier, the euro-denominated stablecoin CoinVertible announced by Société Générale.