Circle has recently disclosed that it will introduce EURC to Base, a Layer 2 platform improving stablecoin adoption and providing a euro-backed on-chain.
Circle, the world’s largest stablecoin company, has garnered global attention again by announcing its intention to integrate EURC, its inaugural euro-backed stablecoin, into Base, an L2 (layer 2) platform. This mover aims to facilitate the delivery of quicker and more cost-effective commerce to global users through a euro-backed digital currency and to elevate developers.
It is important to note that EURC has joined USDC, the largest stablecoin on the Base network, with a circulation of $3 billion as of July 9. Coinbase introduced Base, a layer two blockchain, to improve the scalability and performance of Ethereum.
Base warmly welcomes EURC
Circle has become the first global stablecoin issuer to introduce EURC and USDC to Base by the new MiCA (Markets in Crypto Assets) regulation. The primary objective of EURC is to establish the trust and compliance necessary for a euro equivalent on-chain. In this regard, Circle has made unprecedented progress by introducing USDC last year and now EURC.
The implementation of the stablecoins above on Base results in a multitude of advantages. These coins are entirely reserved, regulated, and redeemable 1:1 for euros and dollars, respectively. Furthermore, the integration facilitates institutional on/off routes for suitably qualified businesses, such as Circle Mint.
Concurrently, the stablecoin amalgamation provides retail access to Coinbase’s global on and off-ramp network. Additionally, the use cases encompass a variety of scenarios, such as cross-border payments with near-instant settlements for international remittances, peer-to-peer payments, and marketplace reimbursements at a minimal cost, among others.
Circle’s Most Recent Developments
As previously indicated, the stablecoin giant has recently made significant progress, including acquiring an E-money License for USDC and EURC by MiCA regulations.
Circle also urged U.S. authorities to enact stablecoin regulations that are both seamless and investor-friendly in the interim. These chronicles emphasize Circle’s unwavering commitment to being a stablecoin pioneer.
The enthusiasm for the EURC launch was also felt in the broader market, as Circle’s co-founder Jeremy Allaire highlighted the integration in a post on X.
