DeFiChain has announced support for the stablecoin Euro Coin (EUROC) on its native blockchain. Circle’s EUROC will have the same support as its big brother USDC and will allow users to invest in euros and access crypto capital markets for trading, borrowing, lending and more.
DeFiChain announces the creation of Euro coin on its Native Blockchain
Since its launch in June 2022, Circle’s Euro coin or Euroc has grown to a capitalization of over €28 million. However, despite its initial launch on Ethereum, the stablecoin has not been very successful… In an effort to remedy this, it will now be issued on the DeFiChain blockchain.
According to Cryptodaily, the EUROC will have the same support as other stablecoins on the platform, such as USDC and USDT, and will be deposited and issued by Cake DeFi. Users will be able to easily transfer their EUROC from Ethereum to DeFiChain and vice versa via the Quantum Bridge.
Initially supported by major exchange platforms such as Binance.US, Bitstamp, Huobi Global and FTX, Euroc was also supported by protocols such as Uniswap, Curve, as well as MetaMask and Ledger wallets.
Stablecoin currently maintains a 1:1 ratio with the euro, meaning that for every EUROC issued, the Circle issuer holds an equivalent amount of euros in reserve.
Having a stablecoin backed by the euro on the DeFiChain is a long-standing desire of the community. This will simplify the entry process for new users in the Eurozone.
Andreas Osberghaus, creator of the proposal to integrate the EUROC into the DeFichain
Previously only available on Ethereum and Solana, the Euro coin will now be available on the DeFiChain. It remains to be seen if this initiative allows a democratization of Euro stablecoins…
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
