Stablecoin issuer Circle has introduced euro coin (EUROC) on the Avalanche network, marking the second blockchain to support the asset. EUROC, backed by the euro at a 1-1 ratio, offers developers another avenue to serve users through integration into decentralized applications (dApps).
Circle’s Euro coin joins Avalanche’s ecosystem
Stablecoin issuer Circle has successfully launched its EUROC stablecoin on the Avalanche network. This move makes Avalanche the second blockchain platform to support Euro coin, following its initial launch on Ethereum last year.
EUROC functions as a stablecoin backed by the Euro, maintaining a 1-1 ratio. In essence, for every Euro coin minted, one euro must be deposited into a bank account backing the EUROC stablecoin. Circle, the company behind the USDC stablecoin, created the Euro coin.
The team claims the fiat euros supporting EUROC are held at leading financial institutions, ensuring transparency and trust.
Circle publishes monthly updates and submits annual audits concerning its fiat reserves to the US Securities and Exchange Commission (SEC), further enhancing trustworthiness.
Avalanche, an innovative blockchain platform, tackles the blockchain trilemma of scalability, security, and decentralization with its unique proof-of-stake (PoS) mechanism.
Similar to Ethereum, Avalanche supports smart contracts, enabling the execution of decentralized applications (dApps) on its network.
By utilizing the Solidity language, commonly used on Ethereum, Avalanche aims to foster blockchain interoperability by integrating various decentralized finance (DeFi) ecosystems, including projects like Aave and Curve.
AVAX price analysis
AVAX, the native token of the Avalanche platform, powers transactions within the ecosystem. It serves as the medium for distributing system rewards, participating in governance, and facilitating network transactions by covering fees.
At the time of writing, the price of avalanche stands at $14.07, with a market capitalization of $4.70 billion. AVAX has a 24-hour trading volume of $142,150,612 million.
In the daily timeframe, AVAX has experienced a 0.1% increase, while in the last seven days, it has encountered a 5.2% decline. AVAX’s circulating supply stands at 334,600,527, according to CoinGecko.
The support levels for AVAX are at $13.80 to $13.21, indicating a range in which the price is expected to find stability. Conversely, the resistance levels are projected between $14.50 and $15.20, marking potential price barriers that may need to be surpassed for further upward movement.