EURC aims to enhance euro liquidity and accessibility, supported by Coinbase and Uniswap Labs, and complies with EU regulations.
The launch of the euro-backed stablecoin EURC on the Base mainnet, an Ethereum Layer 2 network, marks a significant development in the digital asset ecosystem. Issued by Circle, EURC aims to enhance liquidity and accessibility for euro-denominated transactions. This initiative is supported by key industry players like Aerodrome, Coinbase, and Uniswap Labs.
EURC is a stablecoin backed by the euro, meaning it is designed to maintain a stable value equivalent to one euro. This is achieved by holding reserves that match the amount of EURC in circulation. The stablecoin is fully reserved and redeemable 1:1 for euros, providing a reliable store of value for users.
Base is an Ethereum Layer 2 network, which means it operates on top of the Ethereum blockchain but offers faster and cheaper transactions. By launching EURC on Base, Circle aims to make euro-denominated transactions more efficient and accessible. This move follows the successful introduction of USDC, another Circle-issued stablecoin, on the same network.
EURC complies with the European Union's Markets in Crypto-Assets (MiCA) regulation, making it one of the first major stablecoins to achieve this level of regulatory compliance. This compliance enhances trust and provides a secure framework for global commerce, ensuring that EURC can be used confidently for cross-border payments.
The launch of EURC has garnered support from significant industry players. Coinbase, Aerodrome, and Uniswap Labs are among the key partners that have integrated EURC into their platforms. This broad support is expected to drive adoption and make EURC a widely-used stablecoin in the digital asset ecosystem.
