Circle Expands EURC to Base Network for Seamless Layer-2 Trading

Stablecoin issuer Circle has expanded its euro-backed stablecoin, EURC, to the Base network. This new release makes EURC the first MiCA compliant

Stablecoin issuer Circle has expanded its euro-backed stablecoin, EURC, to the Base network. This new release makes EURC the first Markets in Crypto-Assets (MiCA) compliant stablecoin available on an Ethereum layer-2.

The announcement came on July 9, marking a significant milestone for both Circle and the Base network.

Announcing The First MiCA-Compliant Stablecoin On Base: EURC

stablecoin issuer Circle has integrated its new EURC stablecoin with the Base network. This new development makes EURC the first Markets in Crypto-Assets (MiCA) compliant stablecoin to be made available on an Ethereum layer-2.

The announcement was made on July 9, and it represents a major step forward for both Circle and the Base network.

EURC Makes History As First Stablecoin Natively Issued On Base L2

This new integration follows EURC’s previous launches on Avalanche, Ethereum, Solana, and Stellar. Notably, adding Base to this list allows EURC to be natively issued and traded on an Ethereum layer-2 for the first time.

Previously, layer-2s could only use a derivative form of EURC that was backed by versions of the stablecoin existing on other networks. Now, users on Base will be able to trade the native version of EURC directly on the layer-2.

According to Circle, this move will simplify global e-commerce applications by facilitating trade more easily. The Base version of EURC is also expected to streamline transactions, offering users a more seamless experience.

EURC, USDC On Base Lead The Way With MiCA Compliance

The new EURC on Base is also the first stablecoin from a global issuer to be compliant with the new MiCA regulation. This compliance ensures that the stablecoin meets the latest regulatory standards, providing users with added confidence and security.

Highlighting the significance of this compliance, Circle also noted that the US-dollar-backed USDC on Base also shares this distinction, setting a precedent for future stablecoins on the network.

New Launch On Base Network Opens Up Forex Trading Possibilities

Furthermore, the availability of EURC on Base also opens up new possibilities for forex trading on the network. A 2023 study found that blockchain-based forex trades can reduce costs by up to 80%. This cost reduction is especially significant for traders looking to exchange euros for dollars or vice-versa.

However, it’s worth noting that some decentralized exchanges are yet to list EURC. Searches for “EURC” on the Base versions of Aerodrome, Uniswap, and BaseSwap yielded no results at the time of publication.

PancakeSwap, on the other hand, allows trading EURC through its “import” feature but warns users with a strongly worded caution.

PancakeSwap Warns Users About Importing EURC On Baseпоказати ще

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