USDC stablecoin issuer Circle has introduced a new crypto asset pegged to the euro. The EURC stablecoin was launched on the Base second-level network.
Representatives of Circle reported this on a popular social network. According to them, Euro Coin (EURC) joins USD Coin (USDC), another Circle asset pegged to the US dollar. USDC has already become the largest stablecoin on the Base blockchain with a turnover of over $3 billion.
Circle explained that blockchain developers can access EURC on Base using their own faucet on the Base testnet, called Sepolia.
With the EURC issuance, Circle is attempting to strengthen its presence in the stablecoin market amid the implementation of the European Cryptocurrency Asset Regulation (MiCA).
Previously, analysts at Kaiko noted that Circle appears to be the main beneficiary of the MiCA regulations, which specifically target the cryptocurrency market and stablecoins. At least since the implementation of the European regulations, there has been a significant increase in USDC transactions.
At the same time, major cryptocurrency exchanges such as Binance, Bitstamp, Kraken and OKX have begun restricting European users' access to some stablecoins that do not comply with MiCA requirements.
