Regulation
Circle Launches EURC on Coinbase’s Base Network
- Circle, the popular issuer of the USDC stablecoin, has announced the launch of its euro-backed EURC stablecoin on Coinbase’s layer-2 Ethereum network, Base.
- This marks a significant milestone for the EURC stablecoin as it was previously exclusive only to Avalanche, Ethereum, Solana, and Stellar.
Circle, the issuer of popular stablecoins USDC and EURC, has expanded its reach by launch EURC on Coinbase’s layer-2 Ethereum network, Base. This is a significant moment for Base and EURC as it is the first time EURC has been accessible on an Ethereum layer-2 network. Previously, layer-2s could only use a derivative form of EURC backed by versions on other networks.
Another central point of the EURC launch on Base is that Circle The USDC stablecoin, backed by the US dollar, is also available on BASE. Additionally, USDC and EURC are the only stablecoins from a popular stablecoin issuer that are compliant with the new Markets in Crypto Assets (MiCA) regulation. This is in line with the EU’s comprehensive crypto asset regulation
In particular, this new development positions Circle at stablecoin summit issuers like Tether, whose stablecoin EURT was delisted on Bitstamp due to non-compliance with MiCA regulations.
Interestingly, with this new development, users will be able to exchange their euros for dollars and vice versa. It is also worth noting that a 2023 study showed that blockchain-based Forex transactions can reduce costs by up to 80%. Unfortunately, Base EURC traders may have to wait, as EURC is not listed on decentralized exchanges such as Aerodrome, Uniswap, and BaseSwap.
This important news comes after Circle reached another milestone in the financial landscape. Earlier this month, reported by CNF, Circle has become the first stablecoin issuer to comply with the MicA regulation. This achievement allows Circle to officially offer USDC and EURC to European customers under the supervision of French regulators ACPR.
This compliance, as many analysts see it, represents a turning point in the evolution of digital currency. It also reflects Circle’s long-term vision of using blockchain technology to facilitate fiat digital currencies on open and compatible networks.
Jeremy Allaire, CEO of Circle stressed the importance of complying with the regulatory board by stating:
Today’s announcement by Circle marks a significant milestone in the continued development of the internet financial system, with one of the world’s largest economies establishing clear regulations that make stablecoins legal tender, and ushering in a phase in the development of the cryptocurrency market as a core infrastructure for payments, finance and commerce.
Circle has gone even further to demonstrate its commitment to compliance with the law by establishing its European headquarters in France, a country known for its rigorous policies. As the digital asset landscape continues to evolve, Circle anticipates broader and more significant adoption of the recently launched EURC stablecoin.
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