Global financial technology firm and stablecoin issuer Circle revealed its plans to launch EURC, a euro-backed stablecoin, on the Ethereum Layer 2 network Base. This move is aimed at empowering developers to facilitate quicker and more cost-effective transactions using a digital currency backed by the Euro, accessible to users worldwide.

The launch of EURC on Base will enable near-instant settlement for cross-border payments, international remittances, peer-to-peer transactions, and marketplace payouts at lower costs compared to traditional systems. Furthermore, it will provide access to cryptocurrency capital markets with round-the-clock availability within a strong decentralized finance (DeFi) ecosystem, as well as serve as a euro-denominated store of value for savings and foreign exchange to hedge against inflation of local currencies.

In its latest move, EURC will join Circle’s stablecoin USDC, which debuted on Base last year and has since become the largest stablecoin on the network, with over $3 billion in circulation as of today. These assets are fully reserved and can be redeemed on a one-to-one basis for corresponding fiat currencies. They facilitate institutional on- and off-ramps, such as Circle Mint for eligible businesses, streamline integration into both new and existing applications, and provide retail access to Coinbase’s global on- and off-ramp network.

1/ … $EURC is coming to @base!

We’re excited to bring EURC to Base, its first euro-backed stablecoin, enabling developers to deliver faster and cheaper commerce with a euro-backed digital currency for global users.

Explore what EURC will mean for Base.… pic.twitter.com/6THP9r7KJ1

— Circle (@circle) July 9, 2024

Circle Secures EMI License To Ensure USDC And EURC Compliance With MiCA 

Circle operates as a financial services and payments company focused on blockchain technology, empowering businesses of varying sizes to utilize digital currencies and public blockchains for global payments, commerce, and financial applications.

Recently, Circle became the initial stablecoin issuing company to meet the regulatory standards outlined in the European Union’s Markets in Crypto Assets (MiCA) framework. This achievement was made possible following Circle securing an Electronic Money Institution (EMI) registration from the Autorité de Contrôle Prudentiel et de Résolution (ACPR). With EMI, USDC and EURC are now being issued within the European Union, adhering to MiCA’s requirements for stablecoins and e-money tokens.

Notably, EURC and USDC will represent the first stablecoins on Base from a worldwide issuer to comply with MiCA.

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