Circle’s Euro-Backed Stablecoin EURC Launches on Base

Circle, a prominent global financial technology company, has announced the launch of EURC, a euro-backed stablecoin, on its Base mainnet. According to circle.com, the development will provide developers and users with enhanced functionality for minting and redeeming EURC.

EURC on base

EURC is a Euro-backed stablecoin issued by Circle that aims to facilitate global commerce on Base. The launch of the stablecoin on Base, a leading Ethereum Layer 2 (L2) solution, underscores our commitment to creating a global on-chain economy that fosters innovation, creativity, and freedom. Circle’s API now supports minting and redeeming EURC on Base for financial institutions, in compliance with the EU’s new Markets in Crypto Assets (MiCA) regulations.

Several major partners, including Aerodrome, Coinbase, Coinbase Wallet, and Uniswap Labs, are supporting EURC on Base at launch. Businesses, developers, and users can now utilize EURC on Base for a variety of financial activities, including trading, borrowing, lending, and payments.

USDC on base

Circle previously launched USDC, a US dollar-backed stablecoin on Base, which became the largest stablecoin on the platform. As of July 2024, USDC boasts a circulating supply of nearly $3 billion and has a 97% market share of Base’s stablecoins. Base ranks 5th in stablecoin market cap among all blockchains.

Coinbase announced plans to increase USDC balances for businesses and customers on Base. There are currently over 250 applications built on Base, supporting a variety of use cases across finance, social media, gaming, art, and infrastructure. Major applications supporting USDC on Base include Aave, Aerodrome, Blackbird, Moonwell, Morpho, and Uniswap.

Benefits of EURC and USDC

• Both stablecoins are regulated, fully backed, and redeemable 1:1 with euros and dollars respectively.
• They provide onboarding/exit pathways to institutions like Circle Mint for qualified businesses.
• Easy to integrate into both new and existing applications.
• Retail access to Coinbase’s global on/off-ramp network.

Strengthening global use cases

Developers, fintech companies, exchanges, and traders can leverage EURC on Base for a variety of global use cases. The integration of EURC and USDC aims to streamline financial transactions, enhance liquidity, and support the growing decentralized finance (DeFi) ecosystem.

EURC issued by Circle

Token Symbol: EURC

Mainnet Address: 0x60a3e35cc302bfa44cb288bc5a4f316fdb1adb42

Testnet Address: 0x808456652fdb597867f38412077A9182bf77359F

USDC issued by Circle

Token Symbol: USDC

Mainnet Address: 0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913

Testnet Address: 0x036CbD53842c5426634e7929541eC2318f3dCF7e

Qualified financial institutions can apply for a Circle Mint account to gain access to on/off ramps for converting fiat currencies to EURC or USDC on Base. Developers can start building with EURC and USDC on Base using Circle’s open-source, permissionless protocol.

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