EuCircle Brings EURC To Base Boosting Stablecoin Adoption đ¨
The stablecoin giant Circle has once again made global headlines by revealing plans to introduce EURC, its first euro-backed stablecoin, to Base, an L2 (layer 2). This mover comes as an effort to jack up developers in delivering faster and cheaper commerce with a euro-backed digital currency for global users.
Notably, EURC now joins USDC, the largest stablecoin on the Base network that boasts a $3 billion circulation as of July 9. Base is a layer two blockchain brought by Coinbase to enhance Ethereumâs scalability and speed.
Base Welcomes EURC
In compliance with the new MiCA (Markets in Crypto Assets) regulation, Circle becomes the first global stablecoin issuer to bring EURC and USDC to Base. The introduction of EURC primarily brings the trust and compliance needed for a euro equivalent on-chain. Concerning this, Circle appears to have made monumental strides with the introduction of USDC last year and now EURC.
The introduction of the abovementioned stablecoins on Base brings a plethora of benefits. These include regulated, fully reserved, and redeemable 1:1 coins for euros and dollars, respectively. Further, the integration enables institutional on/off-ramps like Circle Mint for qualified businesses.
Simultaneously, the stablecoin amalgamation also offers retail access to Coinbaseâs global on and off-ramp network. Moreover, t use cases include cross-border payments with near-instant settlements for international remittances, peer-to-peer payments, and marketplace payouts at a minimal cost, among many others.
