Circle Launches Euro-Backed EURC Stablecoin on Base

Circle, a stablecoin issuer, has officially launched its euro-backed stablecoin, EURC, on Coinbase’s layer-2 network, Base.

This strategic expansion is notable as EURC becomes the first euro-backed stablecoin on this platform, complementing the already popular USD Coin (USDC). With EURC and USDC, Circle aims to enhance global financial transactions by providing stable, blockchain-based alternatives to traditional currencies.

2/ $EURC on @base

EURC, issued by Circle, brings the trust and compliance needed for a euro equivalent on-chain.

We launched $USDC on Base last year, and is already the largest stablecoin on Base with more than $3 billion in circulation as of July 9th.
— Circle (@circle) July 9, 2024

EURC and USDC are now the first stablecoins on Base from a global issuer to comply with the implemented Markets in Crypto Assets (MiCA) regulation. This development is important as it places Circle in a better stand in a market trending to be more defined by compliance.

Using specific stablecoins like EURC to comply with MiCA regulations can change the digital financial landscape in Europe, offering a secure and legal method for trading and investing.

Circle’s introduction of EURC on Base is also a technical advancement, marking the first time EURC is available natively on an Ethereum layer-2 network making it cheaper to integrate into e-commerce platforms. Moreover, EURC and USDC facilitate perfect institutional on and off-ramps through Circle Mint and so these tokens are fully interwoven into the global financial network.

While EURC is a new entrant on Base, it is yet to be listed on major decentralized exchanges on the network, indicating a phase of early adoption. However, the presence of platforms like PancakeSwap, which offers the token through its import feature, suggests a growing market readiness to embrace regulated stablecoins.