KEY POINTS
- Coinbase and Aerodrome are just two of the leading partners that will support $EURC on Base during launch
- $EURC and $USDC are the first two stablecoins that achieved MiCA compliance
- The stablecoin provides retail access to Coinbase's international on/off-ramp network
Stablecoin platform Circle has announced the launch of $EURC, a euro-backed stablecoin on Ethereum Layer 2 Base, bringing the trust and compliance developers and businesses need to facilitate global commerce on Base.
A path toward compliance
Among the leading partners that will support $EURC on Base during the launch are crypto exchange giant Coinbase, Aerodrome, Base central trading and liquidity market Aerodrome, Uniswap Protocol creator Uniswap Labs, and Coinbase Wallet.
"EURC is now live on Base mainnet and accessible to developers and users. Circle Mint and its APIs now support minting and redeeming EURC on Base for financial institutions. As a leading Ethereum L2, Base is bringing the world on-chain to create a global economy that increases innovation, creativity, and freedom," Circle wrote in a blog post Thursday.
Notably, $EURC is one of the two first stablecoins from a major global issuer to achieve compliance with the European Union's stringent Markets in Crypto Assets (MiCA) regulation. The other stablecoin that passed MiCA compliance is USD Coin ($USDC).
1/ $EURC is now officially live on @base! 🔊
— Circle (@circle) August 1, 2024
Base is a secure, low-cost, builder-friendly Ethereum L2 built to bring the next billion users on-chain.
Learn more about building with the MiCA-compliant euro stablecoin on Base. 👇https://t.co/fRv9TMj0A9
"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. Stablecoins bring huge benefits and innovation to businesses, consumers, and provide better access to financial services for the underbanked. They also make it easier for everyone, everywhere to transact across borders. 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," Jesse Pollak, Base's creator, said in a statement.
$EURC benefits
Regulated stablecoins such as the $EURC offers consumers a faster, cheaper, and more accessible version of fiat currencies. They also help businesses and developers facilitate and offer faster and cheaper services and products.
Like the $USDC, $EURC is also fully reserved and redeemable 1:1 for euros and dollars. It enables institutional on/off-ramps like Circle Mint for qualified businesses and allows for easy integration not just on existing apps, but also on new ones. Finally, the $EURC provides retail access to Coinbase's international on/off-ramp network.
Building on $USDC's success
The $EURC's launch on Base comes after Circle announced $USDC's launch on Base last year. Since launching on the leading Ethereum L2, $USDC has become the largest stablecoin within the ecosystem, with nearly $3 billion in circulation.
$USD on Base is considered the fastest-growing stablecoin by user base on EVM (Ethereum Virtual Machine) chains.
