Circle Unleashes Euro-Backed EURC on Base

YEREVAN (CoinChapter.com) — Stablecoin issuer Circle has expanded its euro-backed stablecoin, EURC, to the Base network. This new release makes EURC the first Markets in Crypto-Assets (MiCA) compliant stablecoin available on an Ethereum layer-2. The announcement came on July 9, marking a significant milestone for both Circle and the Base network.

EURC Debuts on Base Network. Source: Circle’s Announcement Circle Expands EURC to Base for Seamless Layer-2 Trading

Circle previously issued EURC on Avalanche, Ethereum, Solana, and Stellar. Adding Base to this list is a major step, as it allows EURC to be natively issued and traded on an Ethereum layer-2 for the first time. Before this, layer-2s could only use a derivative form of EURC backed by versions existing on other networks.

Circle stated that this move will simplify global e-commerce applications by facilitating trade more easily. The Base version of EURC is expected to streamline transactions, offering users a more seamless experience.

EURC and USDC on Base Lead with MiCA Compliance

The new EURC on Base is the first from a global issuer to comply with the new MiCA regulation. This compliance ensures that the stablecoin meets the latest regulatory standards, providing users with added confidence and security.

Circle highlighted the significance of this compliance. The US-dollar-backed USDC on Base also shares this distinction, setting a precedent for future stablecoins on the network.

New Launch on Base Network Spurs Forex Trading Opportunities

For Base users, the availability of EURC opens up new possibilities for forex trading. A 2023 study found that blockchain-based forex trades can reduce costs by up to 80%. This cost reduction is significant for traders looking to exchange euros for dollars or vice-versa.

Some decentralized exchanges have yet to list EURC. Searches for “EURC” on the Base versions of Aerodrome, Uniswap, and BaseSwap yielded no results at the time of publication.

Search results for “EURC” on Aerodrome. Source: Aerodrome

PancakeSwap allows trading EURC through its “import” feature but warns users with a strongly worded caution.

EURC on PancakeSwap, Base network. Source: PancakeSwap Circle’s Stablecoin Gains Edge Over EURT on Base Network

Circle’s EURC faces competition from Tether Euro (EURT). However, EURT faced a setback when crypto exchange Bitstamp delisted it, citing non-compliance with the MiCA framework.

Circle’s compliance with MiCA regulations places EURC in a favorable position, potentially attracting more users looking for a compliant and secure euro-backed stablecoin.

For those looking to trade EURC on the Base network, Circle provided the correct token address: 0x60a3e35cc302bfa44cb288bc5a4f316fdb1adb42.

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