Circle issues EURC Euro stablecoin on Base, accumulating 34.8 million euros

Base, incubated by Coinbase, officially launched its ecosystem last year, with high expectations for the release of more new products. Base focuses on Ethereum L2 and EVM technologies, providing an open-source OP Stack for development teams and builders. Base supports the integration of developing applications, open enterprises, and institutions to mint USDC, EURC, and NFT.

Stablecoin issuers Circle and Coinbase exchange jointly announced on X on August 1st that the Euro stablecoin EURC has officially launched on the Base chain and introduced limited edition commemorative NFTs for collectors.

EURC, similar to the US dollar stablecoin USDC issued by Circle, is issued under full reserve fund mode. EURC is priced 1:1 with the Euro based on Euro prices in banks, ensuring a stable exchange rate between EURC and the Euro.

The Euro stablecoin EURC is minted on the Base mainnet through Circle Mint. The Circle Mint API supports financial institutions in minting 1:1 Euro stablecoins on the Base chain. The current circulating supply of EURC stablecoin is 34.8 million.

EURC can be used interchangeably on Avalanche, Base, Ethereum, Solana, and Stellar. EURC, issued by Circle, is the only Euro stablecoin compliant with the EU Markets in Crypto Assets (MiCA) regulations. Both EURC and USDC are fiat-backed stablecoins that can be used globally.

There are no fees for exchanging EURC on Coinbase's Base chain, and exporting EURC on the Coinbase wallet is also fee-free. Major partners for EURC currently include Aerodrome, Coinbase, Coinbase Wallet, and Uniswap Labs. Developers and users can choose to use the Base chain for functions such as trading, lending, and payments with the EURC Euro stablecoin.

How to Mint EURC on Base?

EURC can only be minted on Base's Circle Mint platform. Eligible applicants, such as businesses and large wholesalers, can contact Base to apply for minting EURC. The minted EURC can be used for payments, exchanges between exchanges, financial institutions, wallets, or for conducting commercial transactions.

Users applying for minting need to undergo KYC checks, background checks, data verification, identity verification, and sanctions screening, among others.

It is important to note that Circle Mint is only available in specific regions. In Asia, countries open for minting include Taiwan, Japan, South Korea, and Singapore. The United States excludes Hawaii and New York. For more details, see Circle's official website

EURC Custody

Circle currently does not charge custody fees to customers holding EURC in their Circle Mint accounts; however, Circle reserves any interest or returns generated from funds held in separate accounts.

API Pricing

Circle may charge network fees for transactions made through the API. Any applicable fees will be outlined in separate agreements.

EURC opens up new business opportunities in the European market, simplifying cross-border payments and bringing more users into the cryptocurrency market.

Jesse Pollak, the founder of Base, stated in an interview with Benzinga that EURC makes it easier for everyone around the world to engage in cross-border transactions.

It is worth noting that the circulating supply of USDC is close to $3 billion, maintaining Base's position in the market. With the issuance of EURC, Base is poised to become the most practical ecosystem on Ethereum L2.