Circle brings its euro-backed stablecoin EURC to Base, marking the network’s first euro-pegged digital currency. This move aims to boost global commerce and expand Base’s stablecoin offerings beyond USDC.
The blog post on July 9 revealed that EURC has joined USDC within the network. USDC has already achieved a circulation exceeding $3 billion. Both stablecoins, issued by Circle, are compliant with MiCA regulations in Europe. This positions them as approved digital assets in alignment with the new regulations.
The arrival of EURC to Base initiates fresh opportunities for both developers and users. Functioning as a fully backed and regulated stablecoin, EURC ensures a 1:1 exchange for euros, mirroring the dollar support of USDC. This key attribute, combined with institutional access through Circle Mint, establishes a sturdy groundwork for diverse financial uses.
Key use cases for EURC and USDC
Base showcases several key use cases for EURC and USDC within its ecosystem. One notable example is in facilitating cross-border transactions, enabling swift settlements for global money transfers and business payouts at significantly lower expenses than traditional systems. Moreover, the continuous accessibility of these stablecoins also bolsters the DeFi environment on Base, potentially drawing in more participants to its digital asset markets.
In areas where local currencies face instability, EURC and USDC serve as viable options for safeguarding assets. These stablecoins can protect against inflation, presenting a means to save euros or dollars in the realm of digital assets.
Developers interested in exploring EURC have the opportunity to access testnet funds via Circle’s Testnet Faucet on Base Sepolia. This feature enables smooth integration and testing of euro-based transactions in both new and existing applications.
However, the introduction signifies the rising significance of euro-backed stablecoins in the digital asset economy. Being the world’s third-largest fiat currency, the euro joining Base’s ecosystem through EURC opens up substantial growth opportunities for the network and its users.
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