Circle's Euro-Backed Stablecoin EURC Launches on Base
Caroline Bishop Aug 01, 2024 18:28
Circle's EURC stablecoin is now live on the Base mainnet, enabling developers and users to mint and redeem EURC. Supported by major partners like Coinbase and Uniswap.
Circle, a prominent global financial technology firm, has announced the launch of its euro-backed stablecoin, EURC, on the Base mainnet. This development is set to provide developers and users with enhanced capabilities for minting and redeeming EURC, according to circle.com.
EURC on Base
EURC is a euro-backed stablecoin issued by Circle, aimed at facilitating global commerce on Base. The stablecoin's introduction on Base, a leading Ethereum Layer 2 (L2) solution, underscores its commitment to creating a global, on-chain economy that fosters innovation, creativity, and freedom. Circle's APIs now support minting and redeeming EURC on Base for financial institutions, ensuring compliance with the new Markets in Crypto Assets (MiCA) regulation in the EU.
Several leading partners are supporting EURC on Base at launch, including Aerodrome, Coinbase, Coinbase Wallet, and Uniswap Labs. Businesses, developers, and users can now leverage EURC on Base for various financial activities such as trading, borrowing, lending, and payments.
USDC on Base
Circle had previously launched its US dollar-backed stablecoin, USDC, on Base, which has become the largest stablecoin on the platform. As of July 2024, USDC boasts nearly $3 billion in circulation and holds a 97% market share among stablecoins on Base. Base ranks fifth in stablecoin market capitalization among all blockchains.
Coinbase has announced plans to increase its corporate and customer USDC balances on Base. Currently, over 250 applications have been developed on Base, supporting various use cases across finance, social media, gaming, art, and infrastructure. Leading applications that support USDC on Base include Aave, Aerodrome, Blackbird, Moonwell, Morpho, and Uniswap.
Benefits of EURC and USDC
- Both stablecoins are regulated, fully reserved, and redeemable 1:1 for euros and dollars, respectively.
- They enable institutional on/off-ramps like Circle Mint for qualified businesses.
- Easy integration into both new and existing applications.
- Retail access to Coinbase’s global on/off-ramp network.
Powering Global Use Cases
Developers, fintech companies, exchanges, and traders can utilize 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 to access on/off-ramps for converting fiat currency to EURC or USDC on Base by applying for a Circle Mint account. Developers can start building with EURC and USDC on Base using Circle’s open-source, permissionless protocols.
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