Circle Launches Euro-Backed Stablecoin EURC on the Base Network

The Base versions of EURC and the U.S.-dollar-backed USDC are “the first stablecoins on Base from a global issuer to be compliant with the new”

Stablecoin issuer Circle has integrated its euro-backed stablecoin, EURC, into the Base network, enabling the coin to be natively issued and traded on the network, a July 9 announcement revealed.

Previously, EURC was only available in native form on Avalanche, Ethereum, Solana, and Stellar. Now, the integration marks the first time that EURC has become available on an Ethereum layer-2. Before the integration, layer-2s could only use a derivative form of EURC that was backed by versions of the stablecoin that existed on other networks.

In its announcement, Circle stated that the new version of EURC will make it easier for e-commerce applications to facilitate trade around the world. The Base versions of EURC and the U.S.-dollar-backed USDC are “the first stablecoins on Base from a global issuer to be compliant with the new Markets in Crypto Assets (MiCA) regulation,” the announcement added.

Crypto exchange Bitstamp previously announced that it was delisting EURC’s competitor, Tether Euro (EURT), due to its alleged non-compliance with the Markets in Crypto-Assets (MiCA) framework.

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Related: Circle becomes first global stablecoin issuer to comply with MiCA

The announcement may be welcome news to Base users who want to exchange euros for dollars or vice-versa. A 2023 study concluded that forex trades performed on a blockchain can reduce costs by up to 80%.

However, Base users may have to wait a bit longer before making these trades on their preferred decentralized exchanges, as some exchanges have yet to list the new coin. A search for “EURC” on the Base versions of Aerodrome, Uniswap, and BaseSwap produced no results at the time of publication.

PancakeSwap does allow the token to be traded through its “import” feature, but only after giving the user a strongly worded warning.

According to the announcement, the correct token address for EURC on Base mainnet is 0x60a3e35cc302bfa44cb288bc5a4f316fdb1adb42.

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