Circle Brings EURC To Base Boosting Stablecoin Adoption

The stablecoin giant Circle has once again made global headlines by revealing plans to introduce EURC, its first euro-backed stablecoin, to Base, an L2 (layer 2). This mover comes as an effort to jack up developers in delivering faster and cheaper commerce with a euro-backed digital currency for global users.

Notably, EURC now joins USDC, the largest stablecoin on the Base network that boasts a $3 billion circulation as of July 9. Base is a layer two blockchain brought by Coinbase to enhance Ethereum’s scalability and speed.

Base Welcomes EURC

In compliance with the new MiCA (Markets in Crypto Assets) regulation, Circle becomes the first global stablecoin issuer to bring EURC and USDC to Base. The introduction of EURC primarily brings the trust and compliance needed for a euro equivalent on-chain. Concerning this, Circle appears to have made monumental strides with the introduction of USDC last year and now EURC.

The introduction of the abovementioned stablecoins on Base brings a plethora of benefits. These include regulated, fully reserved, and redeemable 1:1 coins for euros and dollars, respectively. Further, the integration enables institutional on/off-ramps like Circle Mint for qualified businesses.

Simultaneously, the stablecoin amalgamation also offers retail access to Coinbase’s global on and off-ramp network. Moreover, t use cases include cross-border payments with near-instant settlements for international remittances, peer-to-peer payments, and marketplace payouts at a minimal cost, among many others.

Also Read: Worldcoin Layer 2 World Chain Announces Developer Preview

Circle’s Recent Advancements

Meanwhile, the stablecoin giant made monumental strides recently, encompassing the bagging of an E-money License for USDC and EURC under MiCA regulations, as mentioned above.

In the interim, Circle also called out on U.S. authorities to pass seamless stablecoin regulations for innovation and investor protection. These chronicles collectively underscore Circle’s unwavering stance toward being a stablecoin pioneer.

The excitement surrounding the EURC launch also reverberated across the broader market as Jeremy Allaire, Circle’s co-founder, took to a post on X spotlighting the integration.

Also Read: Cardano’s USDA Set To Launch Amid Global Stablecoin Push

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.