The aggressive EUROC push could be part of Circle's long-term vision to tap into the European market.
Circle stated that EUROC will boost on-chain liquidity on Avalanche and provide global users with an option to trade in euros besidesEuro Coin is 100% backed by euros held in euro-denominated banking accounts so that it’s always redeemable 1:1 for euros. The issuance of Euro Coin works under a regulated framework, with the same rules that govern USDC., a far cry from the multi-billion dollar valuations of the USD-pegged stablecoins.
On expected terms, it formed a miniscule proportion of the Ethereum’s total stablecoin market cap of $69.09 billion, according toHowever, the prospect of additional liquidity couldn’t lift Avalanche’s native token AVAX’s price. The token was marginally down by 0.5% at press time, perThe aggressive EUROC push could be part of the company’s long-term vision to tap into the European market.
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