Circle announced that EURC, its euro-backed stablecoin, is now available on the Base mainnet for developers and users. Circle Mint and its APIs support financial institutions in minting and redeeming EURC on Base, enabling global commerce with trust and compliance.
According to a press release by Circle, Base, an Ethereum Layer 2 network, aims to drive global on-chain innovation and economic freedom. With the launch of EURC, a euro-backed stablecoin from Circle, and its compliance with the EU’s new Markets in Crypto Assets (MiCA) regulation, businesses and developers can now use EURC on Base for trading, lending, payments, and more. Key partners supporting EURC’s launch include Aerodrome, Coinbase, Coinbase Wallet, and Uniswap Labs.
USDC, Circle’s dollar-backed stablecoin, was introduced on Base last year and has become the largest stablecoin on the network. According to Circle’s press release, USDC has nearly $3 billion in circulation and a 97% market share. Over 250 apps on Base support USDC, including Aave, Aerodrome, and Uniswap. These apps power diverse use cases like cross-border payments, decentralized finance (DeFi) activities, and access to stable value stores in euros and dollars.
Base is a platform developed to advance the vision of an open financial system. According to Base’s statement, it focuses on creating globally accessible onchain applications. Built as part of a phased approach to increase economic freedom, Base represents a commitment to enhancing the scalability, usability, and security of blockchain protocols. Starting with Ethereum, Base is positioned as a key component in developing the infrastructure needed for the widespread adoption of decentralized finance (DeFi) and other onchain applications.
Circle is a financial technology company known for developing USDC (USD Coin), a digital currency pegged to the US dollar on a 1:1 basis. According to Circle’s About webpage provided by Circle itself says that the company collaborates closely with regulators to ensure USDC meets and exceeds standards for stablecoins. Circle’s mission is to enhance global economic prosperity by facilitating frictionless value exchange through USDC.
