EUROC Stablecoin appeared in 2022. It was originally released as an ERC-20 token on the Etherium blockchain.
The developers promised that it will provide faster and more efficient trading in the foreign exchange market, as well as enhanced access to the euro around the world.
According to Etherscan, there are now about 47.11 million EUROCs in circulation.
The company announced on Twitter that EUROC will be hosted on the Avalanche blockchain, which uses the Proof-of-Stake (PoS) consensus algorithm.
This will give users a more efficient solution for sending, making payments, storing and disbursing loans.
Businesses and institutions can open a Circle account to access Avalanche EUROC liquidity.
With the Circle account and the Circle API, Euro Coin transactions between the Etherium and Avalanche networks can easily be made, the company said.
EUROC is already supported by several DeFi applications and protocols, namely: Curve, GMX and Trader Joe’s.
Recall that in November Circle announced plans to launch the EuroCoin stackcoin on the Solana blockchain, which is considered a major competitor to Etherium.
In March, Circle applied to French regulators for two licenses to ensure EUROC’s stablocoin complies with the European Union’s Markets in Crypto Assets Regulation (MiCA).