Top US-based crypto exchange platform Coinbase is abruptly adding support for a stablecoin pegged to the Euro from Circle, the issuer of USDC. In a new thread on the social media platform X, Coinbase Assets says that the firm will begin supporting Euro Coin (EURC) on January 20th. “Coinbase will add support for EURC on […]
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The EURC stablecoin (formerly EUROC) is now available on Stellar in addition to Ethereum and Avalanche.
Stablecoin issuer Circle has launched a Stellar network version of its euro-backed stablecoin, EURC, according to a Sept. 26 announcement. EURC was previously only available on the Ethereum and Avalanche networks.
Hello Europe meet our new friend EURC on #Stellar. Same speed, low cost, and reliability of the Stellar network we all know and love in a brand new currency.
— Stellar (@StellarOrg) September 26, 2023
With @circle's EURC, we can't wait to see what real-world utility builders unlock next.@TeanaTaylor breaks it… pic.twitter.com/eQE5sMZI2M
Stablecoins, or fiat-backed crypto tokens, have become an essential component of the Web3 ecosystem. They allow users to send payments, borrow currency, lend it out for interest, and perform other fiat-currency related actions on blockchain networks. U.S. dollar-backed USD Coin (USDC) and Tether (USDT) are currently the sixth and seventh largest cryptocurrencies by market cap. Tether’s contract the third-largest consumer of gas fees on Ethereum, according to Etherscan.
However, most stablecoins are backed by the U.S. dollar. If a user wants to send Web3 payments denominated in their local currency, there currently aren’t many options.
USDC-issuer Circle attempted to help solve this problem in 2022 by launching EUROC, a euro-backed stablecoin on Ethereum. According to research published by the Bank of International Settlements, the euro is the second most traded fiat currency in the world. It is currently the official currency for 20 countries in Europe. On May 25, Circle launched a native version of EUROC on Avalanche, and on September 23 it was renamed “EURC.”
Related: ABN Amro issues 5M euro digital green bond through Polygon-powered Tokeny
The latest announcement means EURC is now available on three blockchain networks, potentially giving more options to Eurozone residents to conduct business on the blockchain in their local currency.
According to the announcement, crypto payment provider Ripio has integrated with the new version of EURC. It now allows its users in Spain to deposit and withdraw EURC using the Stellar network. Sebastian Serrano, CEO and co-founder of Ripio, said the change will help to encourage more Spanish users to adopt crypto as a payment method:
“In 10 years we've been extending our products all over Latin America and now we're ready to set our footprint in Europe with this key integration. We are excited that people in Spain now have seamless access to digital assets like EURC and enjoy faster and cheaper transactions around the globe.”
The Stasis Euro on Cardano and Membrane Finance's EUROe on Ethereum are other examples of euro-backed stablecoins.
Customers at top US crypto exchange Coinbase could soon trade their digital assets with a euro-backed stablecoin. The exchange added Euro Coin (EUROC) to its listing roadmap on Thursday, putting the stablecoin on the path to being tradeable. Euro Coin is issued by Circle, the global fintech company known for working in a consortium with […]
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Digital financial technology firm Circle says it will bring its Euro-pegged stablecoin to smart contract platform Solana (SOL). The issuer of USD Coin (USDC) says it is rolling out native support of the Euro Coin (EUROC) to the Ethereum rival by the first half of 2023. Circle also says its Cross-Chain Transfer Protocol, an infrastructure […]
The post Stablecoin Issuer Circle Expanding Euro Coin (EUROC) to Major Ethereum Rival in 2023 appeared first on The Daily Hodl.
The Atlanta-based crypto payment services company Bitpay has announced that Bitpay’s prepaid cardholders are eligible for cash back rewards if they use their card with participating retailers. The rewards feature stems from Bitpay’s partnership with Cardlytics and cardholders can get up to 15% in cash back rewards on purchases from the service from thousands of […]
On August 2, the Atlanta-based crypto payment services provider Bitpay announced that it has expanded its crypto asset support with two different crypto assets. Bitpay revealed the company has integrated apecoin and euro coin into the firm’s platform and the luxury retailer and designer Gucci has announced it will be the first merchant to accept […]
While the stablecoin economy is worth roughly $153 billion today, euro-backed stablecoin issuance has increased 1,683% from $31.9 million worth of euro-based tokens on January 3, 2020, to today’s $569 million. Since November 2021, the number of euro stablecoins swelled by 85.34%, but from January 2022 to today, euro stablecoin numbers dropped 14.17% during the […]
During the last two months, the stablecoin tether has been one of the most traded crypto assets swapped against a myriad of digital currencies. 66 days ago on April 11, 2022, tether’s market valuation was over $82 billion with 82,694,361,442 tethers in circulation. Since then, more than 12 billion tethers have been removed from circulation […]
On Thursday, Circle’s CEO Jeremy Allaire announced that the company has launched a new stablecoin pegged to the value of the euro (EUR). Allaire said that the new EUROC token is now live on the Ethereum network and will be “available to mint and redeem on June 30th.” Circle Launches EUROC Circle has announced the […]