Circle, a leading stablecoin issuer, has launched its euro-backed stablecoin, EURC, on the Base network, expanding the range of networks where the coin can be natively issued and traded. The announcement on July 9 marks a significant step for EURC, making it the first MiCA-compliant stablecoin for the network.
Expanding EURC’s Availability
Previously, EURC was available in native form only on Avalanche, Ethereum, Solana, and Stellar. The addition of Base, an Ethereum layer-2 network, represents the first time EURC is natively available on such a platform. Until now, layer-2 networks could only use a derivative form of EURC, backed by versions on other networks.
Benefits for E-commerce and Compliance
Circle emphasized that the new version of EURC on Base will simplify global trade for e-commerce applications. Both the euro-backed EURC and the U.S. dollar-backed USDC are now compliant with the Markets in Crypto Assets (MiCA) regulation, making them the first stablecoins on Base from a global issuer to meet these standards.
In contrast, crypto exchange Bitstamp recently announced the delisting of EURC’s competitor, Tether Euro (EURT), citing non-compliance with MiCA regulations.
Impact on Forex Trading
The launch is particularly significant for Base users who wish to exchange euros for dollars or vice-versa. A 2023 study found that performing forex trades on a blockchain can reduce costs by up to 80%. However, users may need to wait before trading EURC on their preferred decentralized exchanges, as some have yet to list the new coin.
Current Trading Options
As of now, searches for “EURC” on Base versions of Aerodrome, Uniswap, and BaseSwap yield no results. PancakeSwap does allow trading of the token through its “import” feature, but it provides a strong warning to users before proceeding.
For those interested in trading EURC on the Base network, the correct token address is 0x60a3e35cc302bfa44cb288bc5a4f316fdb1adb42, as per the announcement.
