Circle, the stablecoin giant, has announced the introduction of EURC, its first euro-backed stablecoin, to Base, a Layer 2 blockchain developed by Coinbase. This move aims to enhance faster and cheaper euro-backed digital transactions globally, supporting developers in their efforts.
EURC joins USDC on Base, which already has a $3 billion circulation as of July 9. The integration complies with MiCA (Markets in Crypto Assets) regulations, bringing regulated, fully reserved, and redeemable 1:1 coins for euros and dollars.
This addition benefits institutional and retail users by offering near-instant cross-border payments, peer-to-peer transactions, and marketplace payouts at minimal costs. Circle has also secured an E-money License for USDC and EURC under MiCA, reinforcing its position as a stablecoin pioneer.
Circle’s co-founder, Jeremy Allaire, highlighted the broader market excitement surrounding the EURC launch. This strategic move underscores Circle’s commitment to innovation and regulatory compliance in the stablecoin market.
