Stablecoin issuer Circle has launched its MiCA-compliant, euro-backed stablecoin (EURC) on Coinbase’s layer-2 blockchain, Base. This move, announced on Tuesday, aims to strengthen Circle’s market presence amid Europe’s evolving crypto regulations.
Euro Coin (EURC) joins Circle’s USD Coin (USDC), which is already the largest stablecoin on Base with over $3 billion in circulation. Developers can access EURC on Base using Circle’s Testnet Faucet on the Sepolia test network.
This expansion is seen as a strategic effort to capitalize on the MiCA regulations, which favor Circle’s stablecoin model. Circle’s product expansion aligns with its efforts to build market dominance and prepare for an upcoming IPO, despite previous setbacks with the SEC.
The launch of EURC on Base could potentially offer faster and cheaper transactions for global users, bolstering Circle’s reputation and financial standing in the crypto market.
