The circular, backed by the euro, EURC will launch on Base, enabling layer-2 forex trading

Stablecoin Issuing Circle is introducing the euro-backed stablecoin on its core network, adding it to the list of networks where the coin will be issued and sold locally, according to a July 9 announcement.

EuroC was previously only available natively on Avalanche, Ethereum, Solana, and Stellar. The base increase marks the first time that EURC is available on Ethereum Layer-2. Previously, Layer-2s could only use URC derivatives supported by versions on other networks.

In the announcement, he said that the new version will make e-commerce applications easier to trade globally.

The URC and US dollar-backed USDC base versions are “the first stablecoins from the global issuer to comply with the new Markets in Crypto Assets (MiCA) regulation,” the announcement said.

Crypto exchange Bitstamp has previously announced that it will withdraw URC competitor Tether Euro (EURT) from circulation.

Related: Circle will be the first global stablecoin issuer to honor MiCA.

The announcement may come as welcome news to base users looking to exchange euros for dollars or vice versa. In the year A 2023 study found that forex trading on the blockchain could reduce costs by up to 80 percent.

However, as some exchanges are unable to list the new coin, Baez users may have to wait a little longer before making these transactions on selected decentralized exchanges. A search for “EURC” on the base versions of Aerodrome, Uniswap and BaseSwap returned no results at the time of publication.

PancakeSwap allows the token to be traded with its “import” feature, but only after giving the user a strong verbal warning.

According to the announcement, the actual token address of the EURC on Base mainnet is 0x60a3e35cc302bfa44cb288bc5a4f316fdb1adb42.

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