Circle announces new euro-backed stablecoin

USD Coin (USDC) issuer Circle Internet Financial is expanding with a new euro-centric stablecoin.

Euro Coin (EUROC), according to Thursday morning's announcement, will be made available starting June 30. 

The new stablecoin will be "a regulated, euro-backed stablecoin issued under the same full-reserve model and built on the same pillars of trust, transparency, and security that have made USDC one of the world's most trusted digital currencies," per the announcement.


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To start, EUROC will be issued as an ERC-20 token on the Ethereum blockchain, the firm said, "with support for additional blockchains expected later this year."

Circle said a number of exchanges will provide support for the stablecoin at launch, naming FTX, Bitstamp, BinanceUS, Huobi as well as Uniswap. Other platforms providing support for EUROC at launch include Anchorage, Compound, Curve and Fireblocks, among others.

According to data from The Block's Data Dashboard, USDC is the second-largest stablecoin by circulating supply.