EURC: Circle's Euro-Stablecoin is now also available on Base

USDC has been listed on Base since last year. Now Circle is following suit with the introduction of the Euro-Stablecoin EURC on Ethereum Layer-2.

The Euro-Stablecoin EURC of Circle is now also tradable on the Ethereum Layer-2 Base.

The company announced this in a press release.

First crypto exchanges and DeFi protocols are already supporting the launch, including Aerodrome, Coinbase, Coinbase Wallet and Uniswap Labs.

However, with a market capitalization of $38 million, Euro-Stablecoin EURC is a smaller player. On Coinmarketcap, EURC is ranked 594. Since last year, the US-Dollar Stablecoin USDC has already been tradable on Base, breaking records.

With a market capitalization of $3 billion and a market share of 97%, it is by far the most important stablecoin on Base.

On LinkedIn, Patrick Hansen, Senior Director EU Strategy & Policy at Circle, writes: "Weekly USDC transfers on Base recently exceeded $20 billion."

However, Tether is still in the lead. With a market capitalization of $38 billion, Tether has the upper hand, while USDC lags behind with a market capitalization of $5 billion.

Currently, however, USDC is the only major stablecoin that has received MiCA regulation. This could give Circle's stablecoin a competitive advantage in the future.

Base is a Layer-2, scaling solution founded by crypto exchange Coinbase that leverages and extends Ethereum's infrastructure. It is known as fast, cheap and development-friendly.

Today has presented Coinbase with new quarterly figures. While volume on Base is growing, overall sales are falling.