Circle's Euro-pegged Stablecoin EURC Now Live on Base

IconCryptoNewsTerminal Staff01 Aug, 2024

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Circle's Euro-pegged Stablecoin EURC Now Live on Base

Circle's euro-pegged stablecoin, EURC, has gone live on Base, Coinbase's layer-2 network. Jesse Pollak, lead developer of Base, confirmed the launch on Twitter. "With this Base-native EURC," Pollak said, "2/3 of the world's top fiat currencies are now on-chain." The integration of EURC on Base will provide users with access to a fast, low-cost, and easy-to-use stablecoin for making payments, trading, and other financial activities within the Base ecosystem. Circle first announced its plans to launch EURC on Base in July 2023. The stablecoin is backed by one euro for each EURC in circulation, and it is designed to maintain a one-to-one peg with the euro. The launch of EURC on Base is a significant development for the crypto ecosystem, as it provides users with a more convenient and efficient way to use euro-based stablecoins on a blockchain.

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