Circle Launches EURC Stablecoin on Base Blockchain, Targeting MiCA Compliance

Circle, the second-largest stablecoin issuer, has launched the EURC stablecoin on the Base blockchain, one of the first stablecoins to meet the MiCA regulation.

Circle, the second-largest stablecoin issuer, has announced the launch of the EURC stablecoin on the Base blockchain, making it one of the first stablecoins to comply with the Markets in Crypto Assets (MiCA) regulation.

The launch was announced by the firm on July 9, 2024, in a statement on its website and a tweet from its X handle. Circle expressed excitement about introducing the first euro-backed digital coin to the Base platform.

According to the statement, the integration of the third-largest fiat currency with Base presents a significant opportunity for expansion in the digital asset economy.

“We're thrilled to announce that EURC is now live on Base, making it the first euro-backed digital coin to the Base platform,” announced Circle.

“This integration marks a major milestone in expanding opportunities for global users, and we're excited to see what developers and businesses will create.”

With this introduction, EURC joins Circle’s flagship stablecoin, USDC, which already boasts over $3 billion in circulation on Base, making it the largest stablecoin on the network.

notably, USDC became natively available on the Base blockchain on Sept. 5, 2023, following a multi-chain integration strategy that excluded the need for a bridged asset.

In the latest announcement, Circle highlighted the presence of EURC and USDC on Base as a response to the increasing demand for global stablecoins that adhere to the strict standards set forth by the European Markets in Crypto Assets (MiCA) regulation.

“EURC and USDC are the first stablecoins on Base from a global issuer to be compliant with the new Markets in Crypto Assets (MiCA) regulation,” stated Circle in a tweet.

Throughout the announcement, Circle emphasized the several benefits offered by USDC and EURC, such as their full reserve backing, regulated status, and 1:1 redeemability for dollars and euros.

The stablecoins also provide complete institutional on- and off-ramps through Circle Mint for eligible businesses and easy integration into new and existing applications. Additionally, they offer retail access to Coinbase’s global on- and off-ramp network.

Touching on their use cases on the Base network, Circle outlined several promising functionalities. These include the ability to facilitate near-instant cross-border payments and marketplace payouts at a significantly lower cost than traditional systems.

Furthermore, the stablecoins provide round-the-clock access to the decentralized finance (DeFi) ecosystem. Additionally, users can leverage EURC and USDC as a store of value in euros and dollars for savings and foreign exchange purposes, thereby hedging against inflation risks associated with local currencies.

“Developers are encouraged to start exploring fund flows in their applications by getting free testnet EURC or USDC on Base Sepolia through our Testnet Faucet and begin experimenting,” concluded Circle.

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