Title: [TEMP CHECK] Onboard EURC to Aave V3 on Ethereum and Base
Author: @rickydata
Date: 2024-10-26
Summary:
This TEMP CHECK proposes to add EURC, or any other € based stablecoin. I would start with a broader question of whether there is any particular reason that 8 USD based stablecoins exist on Aave V3 Ethereum and 0 that track the Euro - are there any particular reasons for this (i.e. regulation)?
Living in Europe and spending Euros, it would be nice to be able to diversify some of my savings between USD and EUR, and I’m surprised to find no options at all on Aave. As far as I can tell EURC has the same exact properties as the widely adopted and very transparent USDC: EURC | A Euro-Backed Stablecoin
Motivation:
The demand for euro stable coins is growing across the market. The Our Network post about stablecoins from October 25th highlights:
Euro-pegged stablecoins are rising with Circle’s EURC supply up more than 40% in the last month. Base has been the primary network to benefit, with EURC’s value on the chain going from $22M to $48M. This coincides with Coinbase’s efforts to meet MiCA compliance, which it has highlighted as a differentiator against competitors.
What are the plans for Aave’s lending markets to allow for activity on any EUR based stablecoin?
Specification:
TBD after initial temp check
Next Steps:
TBD after initial temp check