Circle just announced that it is launching its euro-pegged stablecoin, EURC, on the layer-2 network Base. EURC is joining USDC, the big boss stablecoin on Base, with over $3 billion in circulation as of press time.
With the Euro being the third largest fiat currency globally, the community’s expectations for EURC are huge.
And get this, both EURC and USDC are compliant with the new Markets in Crypto Assets (MiCA) regulation, making them the first stablecoins to achieve this. And Circle, the first crypto company to.
According to Circle, both stablecoins are regulated, fully reserved, and you can redeem them 1:1 for euros and dollars, respectively.
For businesses, Circle Mint provides an institutional on/off-ramp, making these stablecoins easy to integrate into both new and existing apps.
For retail users, Coinbase’s global on- and off-ramp network is a huge plus, offering easy access to these digital currencies. The use cases are where it gets exciting.
Circle says that cross-border payments can now settle almost instantly, slashing the costs of international remittances, peer-to-peer payments, and marketplace payouts. The company said that:
“Cross-border payments with near-instant settlement for international remittances, peer-to-peer payments, and marketplace payouts at a fraction of the cost of legacy systems.”
No more waiting days for transactions to clear. In the crypto capital markets, EURC and USDC provide 24/7 access to a strong DeFi ecosystem. Circle claims they also offer a stable store of value, perfect for savings and hedging against fiat-infused inflation.
Circle chose France as its European headquarters and has been working closely with the French Prudential Supervision and Resolution Authority (ACPR) to score the MiCA regulatory approval.
In his statement about the approval, CEO Jeremy Allaire pointed out that back in the day, the idea of a fiat digital currency was almost laughable. Now, stablecoins are being integrated into the global financial system, backed by major regulations.
Reporting by Jai Hamid
