Base, the Layer-2 chain developed by Coinbase has announced a notable expansion as per the currency it supports on the platform. In an X post shared by Jeremy Allaire, Co-founder and CEO of Circle, the launch signals the provision of safe, efficient and programmable tokenized money for users in Europe.
Base: Integrating the Global Economy Onchain
Notably, the strategic expansion move has been positively received with many in the community sharing the development. The onboarding of euro on Base marks the second fiat currency pegged on the network. The maiden USDC is a stablecoin pegged to the United States dollar and managed by Circle. The newly introduced euro has the ticker, EURC, and is also issued by Circle.
Europe and Euro are coming onchain.
Safe, compliant, trusted, liquid, efficient and programmable Euro tokenized money is here and is going to grow! https://t.co/A8epb3zpfG
— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) August 1, 2024
According to Base, the goal aims to integrate the global economy on-chain with the expansion moves. Interestingly, Circle designed EURC as a user-friendly stablecoin, MiCA compliant in the European Union and globally accessible.
Meanwhile, users engaging in transfers of EURC on Base utilizing Coinbase wallet will not incur any transaction fees. Other platforms where EURC is ready to use include Uniswap and AerodromeFi.Â
At the moment, Base has remained silent about whether it will expand the service to other networks.
The Commemorative EURC Base Mint
However, in a bid to celebrate the milestone achievement, users have the opportunity to carry out a commemorative mint of EURC coming on-chain.
The EURC development signals unrelenting pursuit of growth by the platform as the parent entity, Coinbase recently introduced a smart wallet meant to address difficulties experienced in trading. The new wallet, apart from offering gasless transactions, is designed to maintain compatibility with several networks including Base, Ethereum, Optimism, Polygon, amongst others.
Coinbase has also gone into partnership with a payment processor, Stripe to promote crypto adoption through strategic integration with Base.
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