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The euro-backed stablecoin EURC (CRYPTO: EURC) has officially launched on the Base mainnet, a leading Ethereum (CRYPTO: ETH) Layer 2 network.
What Happened: Circle, the issuer of EURC, has announced that its Circle Mint and associated APIs now support the minting and redemption of EURC on Base for financial institutions.
This integration is expected to enhance liquidity and accessibility for euro-denominated transactions on the network.
Jesse Pollak, Creator of Base told Benzinga that Circle’s launch of EURC on Base is a major step towards updating the traditional financial system and creating a new global on-chain economy.
He noted their potential to “bring huge benefits and innovation to businesses, consumers, and provide better access to financial services for the underbanked.”
EURC joins USDC (CRYPTO: USDC), another stablecoin issued by Circle, on the Base platform.
Both EURC and USDC have achieved compliance with the European Union’s Markets in Crypto Assets (MiCA) regulation, positioning them as trusted options for businesses operating within the EU’s regulatory framework.
Several key industry players have already pledged support for EURC on Base, including Aerodrome, Coinbase (NASDAQ:COIN), Coinbase Wallet and Uniswap Labs (CRYPTO: UNI).
This backing from established entities in the cryptocurrency space suggests a strong foundation for EURC’s adoption and use on the Base network.
Also Read: Bitcoin Down To $64,500, Ethereum ETFs Stutter: Why Did Crypto Not Rally After The FOMC Meeting?
Why It Matters: The introduction of EURC on Base opens up new possibilities for global commerce, potentially streamlining cross-border payments, enabling access to crypto capital markets, and providing a euro-denominated store of value within the digital asset ecosystem.
Stablecoins like EURC “make it easier for everyone, everywhere to transact across borders,” Pollack said.
It’s worth noting that USDC has already established a significant presence on Base, with nearly $3 billion in circulation and a reported 97% market share among stablecoins on the platform.
This existing infrastructure may provide a blueprint for EURC’s integration and growth on Base.
Pollak expressed enthusiasm about the launch, stating, “We are thrilled to have EURC launching a trusted euro stablecoin on Base and we believe that it’s a critical next step for growing the on-chain economy.”
As the digital asset landscape continues to evolve, the launch of EURC on Base represents another step towards the maturation and diversification of the stablecoin market.
Industry observers and participants will be keenly watching how this development impacts euro-denominated transactions and liquidity within the broader cryptocurrency ecosystem.
What’s Next: For those interested in learning more about the future of digital assets, including developments like the EURC launch, Benzinga’s Future of Digital Assets event on Nov. 19 promises to offer valuable insights and discussions on the latest trends and innovations in the space.
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