Circle Launches Euro-Backed Stablecoin on Base Network

Last Updated on July 10, 2024

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Key Takeaways:

  • Circle’s euro-backed stablecoin, EURC, launched on the Base network on July 9.
  • EURC on Base is compliant with MiCA regulations, aimed at simplifying global trade for e-commerce.
  • Trading EURC on decentralized exchanges may require patience, as not all platforms have listed the coin yet.

Circle has launched its euro-backed stablecoin, EURC, on the Base network, as of July 9.

This expands EURC’s native issuance to Base, an Ethereum layer-2 network, alongside its existing presence on Avalanche, Ethereum, Solana, and Stellar.

Previously, layer-2 networks could only use derivative forms of EURC.

Circle’s announcement highlights that this new version will simplify global trade facilitation for e-commerce applications.

The Base versions of EURC and USDC are described as the first compliant with the new Markets in Crypto Assets (MiCA) regulation from a global issuer.

This development may benefit Base users interested in euro-to-dollar exchanges.

A 2023 study indicated that blockchain-based forex trades could reduce costs by up to 80%.

However, trading EURC on decentralized exchanges might require patience as some, like Aerodrome, Uniswap, and BaseSwap, haven’t listed the coin yet.

PancakeSwap supports EURC through its “import” feature but issues a cautionary warning.

The official EURC token address on Base mainnet is 0x60a3e35cc302bfa44cb288bc5a4f316fdb1adb42.

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