Stablecoin

Cryptocurrency

EURC

Base

Coin

Stablecoin issuer Circle is expanding its reach with the launch of its MiCA-compliant euro-backed stablecoin on layer-2 chain, Base.
<a href="https://crypto.news/tag/circle/" target="_blank" rel="noopener noreferrer nofollow">Circle</a> is bringing its regulated stablecoin, pegged 1:1 to euro (EURC), to <a href="https://crypto.news/tag/coinbase/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a>‘s layer-2 network called Base as part of its strategy to solidify its market presence amid the implementation of Europe’s Markets in Crypto-Assets Regulation (<a href="https://crypto.news/tag/mica/" target="_blank" rel="noopener noreferrer nofollow">MiCA</a>) regulations.
In an X thread on Tuesday, the stablecoin issuer noted that Euro Coin (EURC) joins USD Coin (USDC), Circle’s other stablecoin pegged to the U.S. dollar, which has already become the largest stablecoin on Base with over $3 billion in circulation. Circle added that blockchain developers can get access to EURC on Base by using its own Testnet Faucet on Base’s test network dubbed Sepolia.
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 1/ 🥁 … <a href="https://twitter.com/search?q=%24EURC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$EURC</a> is coming to <a href="https://twitter.com/base?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@base</a>! We’re excited to bring EURC to Base, its first euro-backed stablecoin, enabling developers to deliver faster and cheaper commerce with a euro-backed digital currency for global users. Explore what EURC will mean for Base.… <a href="https://t.co/6THP9r7KJ1" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/6THP9r7KJ1</a>— Circle (@circle) <a href="https://twitter.com/circle/status/1810639673628434856?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 9, 2024</a>
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You might also like: <a href="https://crypto.news/cryptocurrency-after-the-european-unions-mica-regulation-opinion/" rel="noopener noreferrer nofollow"> Cryptocurrency after the European Union’s MiCA regulation | Opinion </a>
Circle’s latest move might be seen as a strategic effort to maximize exposure amid Europe’s regulatory shift. Analysts at blockchain analytics firm Kaiko previously noted that Circle appears to be the main beneficiary of MiCA regulations, which target the crypto market and stablecoins specifically.
Following MiCA’s implementation, Circle’s USDC has seen the most significant increases in daily trading volumes. Meanwhile, major crypto exchanges like Binance, Bitstamp, Kraken, and OKX have begun delisting non-compliant stablecoins for their European customers, paving the way for more regulated entities like Circle to dominate the market. This also prompted many to <a href="https://crypto.news/is-cryptos-greatest-crash-around-the-corner-the-threat-of-tethers-usdt-collapse/" target="_blank" rel="noopener noreferrer nofollow">speculate</a> Tether’s future in Europe.
Beyond market domination, Circle’s product expansion aligns with its efforts to bolster its reputational and financial standing as it prepares for an upcoming initial public offering (IPO). Initially <a href="https://crypto.news/circle-eyes-ipo-in-2024-after-failure-in-2021-bloomberg/" target="_blank" rel="noopener noreferrer nofollow">aiming</a> for a public listing in July 2021, the Boston-based company later pursued a new deal with Concord Acquisition Corp. in 2022, valuing it at $9 billion.
However, the anticipated SPAC deal <a href="https://crypto.news/circle-blames-sec-for-concord-spac-deal-failure/" target="_blank" rel="noopener noreferrer nofollow">failed</a> to materialize due to the U.S. Securities and Exchange Commission’s (SEC) refusal to approve the filing. The exact timing of Circle’s next IPO attempt remains unclear.
Read more: <a href="https://crypto.news/mica-is-live-how-new-eu-regulation-will-affect-the-global-crypto-market/" rel="noopener noreferrer nofollow"> MiCA is live: How new EU regulation will affect the global crypto market </a>

Circle debuts euro-pegged stablecoin EURC on Coinbase’s blockchain

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