Stablecoin issuer Circle has stolen the crypto spotlight once more, this time by announcing the official launch of the Euro Coin (EUROC) on the Avalanche blockchain; a stablecoin fully-backed by the euro.

Launching this stablecoin works towards offering more rapid and efficient payment structures for developers and users. The announcement was sent to Cointelegraph, with the Circle team stating that the launch represents a part of their multi-chain initiative for EUROC.

According to the Circle team, the availability of EUROC on Avalanche boosts its liquidity and provides users with the capability of transacting in euros along with its USD-backed stablecoin, USD Coin (USDC). Circle launched EUROC last year as a regulated stablecoin which was fully-backed by euro reserves.

Joao Reginatto, Circle’s vice president of product, believes that EUROC is meant for everyone:

“When we first introduced Euro Coin on Ethereum last year, we wanted anyone with an internet connection to have access to the euro across borders and time zones.” Since the coin has now been brought to Avalanche, developers and users now have access to a “more cost-effective” experience with regards to financial transactions, according to Reginatto's remarks.

Sources:

https://cointelegraph.com/news/circle-euro-based-stablecoin-on-avalanche-blockchain

https://www.prnewswire.com/news-releases/circle-takes-euro-coin-multi-chain-with-launch-on-avalanche-301834001.html

https://decrypt.co/103067/circle-launches-euro-backed-stablecoin/