Circle Launches Euro-Backed EURC Stablecoin on Base

Circle Launches Euro-Backed EURC Stablecoin on Base

Circle has launched its euro-backed stablecoin, EURC, on the Base network, expanding its availability beyond Avalanche, Ethereum, Solana, and Stellar to an Ethereum Layer 2 for the first time. This native integration is intended to enhance global e-commerce applications by simplifying international trade. As of now, decentralized exchanges like Aerodrome, Uniswap, and BaseSwap have yet to list EURC.

Additionally, EURC and USDC on Base are the first stablecoins from a global issuer to comply with the Markets in Crypto Assets (MiCA) regulation. While Bitstamp has delisted EURC's competitor, Tether Euro (EURT), for non-compliance with MiCA, the availability of EURC on Base may benefit users wishing to exchange euros and dollars.

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Worldcoin Foundation Opens World Chain for Developers

The Worldcoin Foundation has launched a developer preview of its upcoming Layer 2 network, World Chain, allowing a select group of developers to explore, build, and test the network before its mainnet launch later this summer. This new chain, secured by Ethereum and built using Optimism's OP Stack, aims to support the migration of over 10 million World App users from OP Mainnet.

The developer preview enables the setup of deployments ahead of migration and leverages partners like Alchemy, Safe, and Elliptic for infrastructure support. Since Worldcoin's launch, its user transactions have accounted for over 50% of OP Mainnet’s activity. Future optimizations include using Paradigm’s high-performance Ethereum execution client, Reth, to enhance transaction capacity and efficiency.

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TAC and Polygon Partner to Launch a Layer 2 on TON

The TON Application Chain (TAC) and Polygon Labs have announced the integration of Ethereum Virtual Machine (EVM) functionality into the TON ecosystem using Polygon CDK and the interoperability protocol Agglayer. This collaboration aims to expand the range of decentralized applications (DApps) available on the TON network, including decentralized finance (DeFi), gaming, and identity solutions.

TAC's CEO, Pavel Altukhov, highlighted that this integration would bridge the TON and Ethereum ecosystems, enhancing DApp integration within Telegram. With this EVM-compatible integration, Ethereum developers can access Telegram's vast user base, fostering real-world crypto applications. Notably, TAC's network surpassed Ethereum in daily active addresses in June.

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German Government Sells Half of its 500K Seized BTC

The German government has been actively transferring and receiving large quantities of Bitcoin from crypto exchanges and market makers, reducing its holdings to less than half of the 50,000 Bitcoins seized from the piracy site Movie2k. On Tuesday, the government moved $339.2 million worth of Bitcoin to various addresses, including 800 Bitcoins to Kraken, 5,000 Bitcoins to B2C2 Group.

Additionally, the German government sent nearly 107 Bitcoins to Cumberland DRW, while also sending 400 Bitcoins to an unlabeled address and receiving 1,692 Bitcoins back from Bitstamp. As of now, Germany retains 22,846 Bitcoins valued at approximately $1.3 billion, with Bitcoin's price declining by about 12% since the government began these transactions on June 18.

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Data of the day

According to a recent report by VanEck, in June, the Layer 1 blockchains they track collectively lost 11% of their market cap, amounting to approximately $237 billion in total value. Despite this decline, some fundamentals remained surprisingly strong. The onchain average Daily Active Addresses (DAA) reached a new high of 11.7 million, surpassing the previous record of 10.9 million in May 2024.

Layer 1 revenues increased by 20% month-over-month. While DEX volumes decreased by 7.1%, stablecoins on-chain saw a 1.5% increase. Total Value Locked (TVL) fell by 9.2%, which was less severe than the decline in DeFi tokens, which dropped 18% as a category, with the majority of TVL in DeFi being in ETH and other more volatile crypto tokens.

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More breaking news

• BlackRock's USD Institutional Digital Liquidity (BUIDL) fund now has a market value greater than $500 million, surpassing Franklin Templeton's blockchain fund.  
• In the most recent round of filings, issuers for the Invesco Galaxy Ethereum exchange-traded fund set a fee of 0.25% as firms seek to launch spot Ethereum ETFs.
• PayPal's PYUSD dollar-pegged stablecoin market cap has surpassed $500 million after expanding to the Solana network in May.
• Paxful co-founder to serve 5 year after he pleaded guilty to conspiracy to willfully fail to establish, develop, implement, and maintain an effective AML program.
• The Crypto Fear & Greed Index, a metric tracking relative market sentiment, has hit the lowest levels since January 2023, dropping to 27 on July 9

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