Circle Launches Euro-Pegged Stablecoin EURC on Layer-2 Network Base

EURC is joining USDC, the big boss stablecoin on Base, with over $3 billion in circulation as of press time.

Circle has just announced the launch of its euro-pegged stablecoin, EURC, on Base, a layer-2 network. This marks a significant development in the stablecoin landscape, with EURC joining the ranks of USDC, the largest stablecoin on Base, with over $3 billion in circulation.

Given the Euro's status as the third largest fiat currency worldwide, the community has high expectations for EURC. Notably, both EURC and USDC are fully compliant with the Markets in Crypto Assets (MiCA) regulation, making them the first stablecoins to achieve this milestone. Circle also holds the distinction of being the first crypto company to achieve this regulatory compliance.

According to Circle, both stablecoins are fully regulated, fully reserved, and can be redeemed 1:1 for euros and dollars, respectively.

For businesses, Circle Mint provides an institutional on/off-ramp, facilitating the integration of these stablecoins into both new and existing applications.

Retail users benefit from Coinbase's global on- and off-ramp network, which provides easy access to these digital currencies.

The use cases for these stablecoins are particularly exciting.

Circle highlights the potential for cross-border payments to settle almost instantly, slashing the costs of international remittances, peer-to-peer payments, and marketplace payouts.

In the statement, the company specifically mentions the following use case:

“Cross-border payments with near-instant settlement for international remittances, peer-to-peer payments, and marketplace payouts at a fraction of the cost of legacy systems.”

Gone are the days of waiting for transactions to clear for multiple days.

In the crypto capital markets, EURC and USDC provide 24/7 access to a robust DeFi ecosystem.

Additionally, Circle claims that these stablecoins offer a stable store of value, ideal for savings and hedging against fiat-infused inflation.

France serves as Circle's European headquarters, and the company has been collaborating closely with the French Prudential Supervision and Resolution Authority (ACPR) to secure the MiCA regulatory approval.

In his statement regarding the approval, CEO Jeremy Allaire highlighted that the concept of a fiat digital currency was once met with derision. However, today, stablecoins are being integrated into the global financial system, backed by major regulations. This approval marks a significant victory for Circle and the stablecoin industry as a whole.

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