Circle Launches 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).

Stablecoin issuer Circle has officially launched its euro-backed stablecoin, EURC, on Coinbase’s layer-2 network, Base. This move makes EURC the first euro-backed stablecoin on the platform, joining the already present USD Coin (USDC). Together, EURC and USDC aim to bolster global financial transactions by offering stable and blockchain-based alternatives to fiat currencies.

2/ $EURC on @baseEURC, 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.

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 significant as it positions Circle better in a market that is becoming increasingly driven by compliance. Utilizing specific stablecoins, such as EURC, to adhere to MiCA regulations can reshape the digital financial landscape in Europe, providing a legal and regulated avenue for trading and investing.

The introduction of EURC on Base by Circle also marks a technical advancement, as it is the first time EURC is natively available on an Ethereum layer-2 network, making it cheaper to integrate into e-commerce platforms. Additionally, EURC and USDC serve as optimal institutional on and off-ramps through Circle Mint, fully integrating these tokens into the broader global financial system.

Despite being newly introduced on Base, EURC is yet to be listed on major decentralized exchanges on the network, indicating an early stage of 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.

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