Circle has introduced its euro-backed stablecoin, EURC, on the Base network. This move expands EURC's native availability beyond Avalanche, Ethereum, Solana, and Stellar.
It's a first for Base. EURC is now accessible on an Ethereum layer-2 network in native form. Previously, layer-2s only used derivative EURC backed by versions on other networks.
Circle claims this new version will boost global e-commerce. The company stated, "The Base versions of EURC and USDC are the first stablecoins on Base from a global issuer to be compliant with the new Markets in Crypto-Assets (MiCA) regulation."
This development could be a game-changer. It may allow Base users to swap euros for dollars more easily. A 2023 study found blockchain forex trades can cut costs by up to 80%.
However, there's a catch. Major decentralized exchanges on Base haven't listed EURC yet. Searches on Aerodrome, Uniswap, and BaseSwap came up empty at the time of writing.
PancakeSwap offers EURC trading through its "import" feature. But it comes with a strong warning to users.
Circle provided the official token address for EURC on Base mainnet: 0x60a3e35cc302bfa44cb288bc5a4f316fdb1adb42.
This launch follows Bitstamp's recent delisting of Tether Euro (EURT). The exchange cited EURT's alleged non-compliance with MiCA regulations.
EURC's expansion to Base could shake things up in the stablecoin market. It potentially offers users more options for euro-dollar trades on layer-2 networks.
As the dust settles, it remains to be seen how quickly major exchanges will adopt EURC on Base. The move could pave the way for more efficient forex trading in the crypto space.
