Circle, the second-largest stablecoin issuer, has launched the EURC stablecoin on the Base blockchain, one of the first stablecoins to meet the MiCA regulation.
The firm announced the new move a few hours ago via an official statement on its website and X handle. Circle expressed delight about introducing the first euro-backed digital coin to the Base platform.
This move enables developers and businesses to create faster and more affordable commerce solutions for global users.
Euro Stablecoin Live on Base
Circle stressed the significance of integrating the third-largest fiat currency with Base, noting that it presents a substantial opportunity for expansion in the digital asset economy.
With this introduction, EURC joins Circle’s flagship stablecoin, USDC, which boasts over $3 billion in circulation on Base. This significant capitalization makes USDC the largest stablecoin on the network.
Notably, USDC became natively available on the Base blockchain on Sept. 5, 2023, eliminating the need for a bridged asset.
In the latest announcement, Circle takes pride in disclosing that EURC and USDC are pioneering global stablecoins on Base to meet the stringent requirements of the European Markets in Crypto Assets (MiCA) regulation.
EURC and USDC are the first stablecoins on Base from a global issuer to be compliant with the new Markets in Crypto Assets (MiCA) regulation.
— Circle (@circle) July 9, 2024
Circle highlighted several key benefits of USDC and EURC, including their full reserve backing, regulated status, and 1:1 redeemability for dollars and euros.
Additionally, these stablecoins facilitate seamless institutional on- and off-ramps through Circle Mint for eligible businesses. They also offer easy integration into new and existing applications and retail access to Coinbase’s global on- and off-ramp network.
Regarding their use cases on the Base network, Circle outlined several promising functionalities. These include the ability to facilitate near-instant cross-border payments and marketplace payouts at a significantly lower cost than traditional systems.
Furthermore, the stablecoins provide round-the-clock access to the decentralized finance (DeFi) ecosystem. Additionally, users can leverage EURC and USDC as a store of value in euros and dollars for savings and foreign exchange purposes, thereby hedging against inflation risks associated with local currencies.
Developers Called to Experiment EURC on Base
Meanwhile, Circle invites crypto developers to start exploring fund flows in their applications by obtaining free testnet EURC or USDC on Base Sepolia through its Testnet Faucet. This enables them to experiment and innovate without incurring costs.