Circle Launches EURC on Coinbase’s Base Network, Compliant with MiCA Regulation

Circle has launched its Euro-backed stablecoin, EURC, on Coinbase’s Ethereum layer-2 network, Base. This launch marks a significant milestone for EURC and aligns with MiCA regulation.

Points

• Circle’s EURC is now available on Coinbase’s Base network.
• EURC complies with MiCA regulations.
• This launch enables Euro-to-dollar exchanges and highlights cost-saving benefits of blockchain forex trades.
• Circle’s European headquarters are established in France.

Circle, the popular issuer of the USDC stablecoin, has announced the launch of its Euro-backed stablecoin, EURC, on Coinbase’s Ethereum layer-2 network, Base. This expansion marks a significant milestone for EURC, which was previously exclusive to Avalanche, Ethereum, Solana, and Stellar.

With this advancement, users can now exchange Euros for dollars and vice versa, leveraging the efficiency and cost-saving benefits of blockchain technology. A 2023 study showed that forex trades on blockchain could reduce costs by up to 80%, although EURC traders on Base might have to wait for listings on decentralized exchanges like Aerodrome, Uniswap, and BaseSwap.

Circle’s adherence to MiCA regulation reflects its commitment to legal compliance and long-term vision for utilizing blockchain technology to facilitate fiat digital currencies. The establishment of Circle’s European headquarters in France underscores this dedication.

Explanation

• MiCA Regulation: Markets in Crypto-Assets regulation, a framework established by the European Union to regulate cryptocurrencies and stablecoins.
• Stablecoin: A type of cryptocurrency that is pegged to a stable asset, like a fiat currency, to minimize price volatility.
• Layer-2 Network: A secondary framework or protocol built on top of an existing blockchain to improve scalability and transaction speeds.

The launch of EURC on Coinbase’s Base network highlights Circle’s strategic efforts to expand its stablecoin offerings and comply with regulatory standards, fostering greater adoption of digital currencies in Europe.