Circle Introduces New Stablecoin EURC Pegged to Euro
Date: 2024-07-10 Author: Gabriel Deangelo Categories: BUSINESS
Circle, known as the issuer of the USDC stablecoin, has announced the release of a new euro-pegged crypto asset called Euro Coin (EURC). The new stablecoin was launched on the second layer network Base, which underscores the company’s desire to expand its presence in the market.
Launch Details
In an official post on the popular social network, Circle representatives said that EURC is joining the already successful USD Coin (USDC), which is pegged to the US dollar. USDC has already become the largest stablecoin on the Base blockchain, reaching a turnover of over $3 billion. Blockchain developers can now access EURC on Base using their own faucet on the Sepolia testnet.
The EURC release is aimed at strengthening Circle's position in the stablecoin market, especially against the backdrop of the implementation of the European Cryptocurrency Assets (MiCA) regulations. These rules create new opportunities for companies operating in the cryptocurrency space, providing them with a clearer framework for their operations.
Impact of MiCA Regulation
Kaiko analysts note that Circle is likely the main beneficiary of the MiCA rules, which are aimed at regulating the cryptocurrency market and stablecoins. The introduction of these rules led to a significant increase in USDC transactions. While some major cryptocurrency exchanges such as Binance, Bitstamp, Kraken and OKX have begun to restrict European users' access to stablecoins that do not meet MiCA requirements, Circle continues to expand its capabilities.
The launch of the new EURC stablecoin underscores Circle's strategic commitment to a leadership position in the stablecoin market, especially in light of new European regulations. This move not only strengthens the company's position, but also offers users a new tool for transactions in euros, which could contribute to the further growth and development of the cryptocurrency market in Europe.
