Circle, a member of the Centre Consortium, has just launched the Euro Coin (EUROC), an Euro-pegged crypto, on the Avalanche network.
Developments based on the new blockchain will reportedly provide users with more efficient solutions for sending, spending, lending and borrowing funds in a "fully reserved" asset.
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The company has stated:
"By launching Euro Coin on Avalanche's fast and efficient platform, we can help developers and their users experience near-instant, more cost effective financial transactions and unlock new possibilities for payments."
The Avalanche integration is driven by the "growing demand for stablecoin diversification" by various networks.
Circle has added that many platforms, including Benqi, Curve, Dexalot, GMX, Pangolin, Shift Markets and Trader Joe, are interested in integrating the new stablecoin.
Circle launched the Euro Coin on the Ethereum blockchain last summer.