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    Euro Stablecoin on Avalanche: Early Adoptions and Dynamics

    Explore the impact of EUROC, a regulated stablecoin pegged to the Euro, on the Avalanche network. Analyze token holders, transfers, and swaps for valuable insights into its early adoption.

    Context

    Stablecoins play a crucial role in the blockchain-based DeFi ecosystem. They are relied upon by users for token-to-fiat conversions and vice versa. Additionally, stablecoins are utilized by arbitrageurs for arbitrage purposes. While earlier stablecoins like USDT and USDC were pegged to fiat currencies, recent stablecoins have adopted algorithmic, crypto collateral-backed, or commodity-backed models.

    Among the fiat-backed stablecoins, which are mostly pegged to the US Dollar, there is a newer product called EURO Coin. EURO Coin is pegged to the Euro currency and was launched by Circle on Ethereum last year as a regulated stablecoin. This means that each token is fully backed by Euro reserves held at financial institutions regulated by the United States.

    Recently, Circle extended the availability of Euro Coin (EUROC) to the Avalanche blockchain, with the aim of facilitating faster and more efficient payments and financial services for developers and users. This launch on Avalanche is part of Circle's multi-chain strategy for EUROC. According to the report, it is expected to enhance euro liquidity and enable global users to transact in euros using EUROC, in addition to their US Dollar-backed stablecoin, USDC.

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    Methodology

    In this dashboard, our first focus is on the token itself. We utilize the avalanche.core.ez_token_transfers table to identify the current holders of EUROC and calculate the total supply of EUROC. The total supply is determined by computing the difference between the total mint and total burn of EUROC.

    Next, we delve into transfers, presenting the volume and number of transfers over time, along with the wallets involved in EUROC transfers.

    Lastly, we provide a comprehensive overview of swaps. We showcase the volume and number of swaps, breaking them down into pools and illustrating the flow of swaps in and out.

    Finally, all the data presented has been cross-validated with SnowTrace.

    Reference

    Circle Announcement on EUROC Launch on Avalanche: Expanding Access to the Euro

    More about the Author

    Twitter: @SocioCrypto

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