Summary
This proposal seeks to register EURC, the leading euro-backed stablecoin issued by Circle, on Token Gateway of the Base network.

EURC is available on multiple chains, including Base, and plays a significant role in DeFi, including FX trading, borrowing, and lending.

Approval of this referendum will facilitate the bridging of EURC between Base and Hydration. This integration will contribute to greater stability and depth in the DeFi ecosystems on both Hydration and Polkadot.

Introduction
Hyperbridge's integration with Hydration through Referendum #13 connected Hydration to the broader multi-chain landscape, allowing it to receive assets, export its Hollar stablecoin, and leverage trustless price oracles. In a bid to expand the range of stablecoins available to its users, Hydration has decided to add EURC to complement existing assets across the Polkadot DeFi ecosystem. This proposal adds EURC support on Base, one of the fastest-growing Ethereum Layer 2 networks.

What is EURC?
Euro Coin (EURC) is a fully-reserved, euro-backed stablecoin issued by Circle, the organisation behind USDC. Each token maintains 1:1 backing with euro reserves held in regulated institutions, with regular third-party attestations. EURC is live on Ethereum, Base, Avalanche, Stellar, and other networks, making it the largest euro stablecoin by market cap. It serves critical use cases, including on-chain FX trading, cross-border payments, DeFi lending and borrowing, and treasury diversification.

Benefits
For Hydration: Allows Hydration to tap into over $70M of EURC liquidity on Base, positioning Hydration as a stronger FX venue with EUR/USD and EUR/DOT trading pairs. The euro denomination appeals to European institutions and reduces friction for EU-based users entering Polkadot DeFi.
For the Ecosystem: Creates seamless value flow between Base and Hydration without centralised intermediaries, reducing conversion costs and enabling instant euro liquidity deployment. This connects Base's growing L2 ecosystem with Polkadot's DeFi infrastructure.
For Users: Avoids centralised exchange fees, enables near-instant cross-chain euro transfers, and provides access to DeFi opportunities across Hydration's Omnipool and money markets with reduced custodial risk through Hyperbridge's trustless verification.

Technical Details
EURC will be registered as an ERC-20 token bridging from Base to Hydration using Hyperbridge's standard security model with cryptographic state proofs.

Risk Assessment
Circle's track record of managing over $40 billion in USDC, regular reserve attestations, and established regulatory relationships provides strong assurance. EURC's battle-tested smart contracts, Circle's security audits, and Hyperbridge's trustless verification eliminate bridge operator risk. Strong EURC liquidity on Base ensures deep secondary markets and multiple exit options.