Euro Coin to Launch on Solana in 2023
- The Euro Coin is Circle’s European version of the USDC stablecoin, but it is pegged to the Euro.
- DeFi platforms, Solend and Radium, will also add support for the Euro Coin.
- Circle will also extend its cross-chain transfer protocol to Solana in the first half of 2023.
Stablecoin issuer Circle will launch the Euro Coin stablecoin on Solana in the first half of 2023. Circle shared the news at the Solana Breakpoint conference in Lisbon, Portugal. A spokesperson for the payment company noted that there was already much enthusiasm surrounding the launch.
Marcus Boorstin, Circle’s director of engineering, noted that the crypto exchange FTX will add support for the Euro Coin once it goes live on Solana. Other Solana-based DeFi platforms, such as Solend and Radium, will also support the new stablecoin. Marcus said Circle is “really excited with the use cases that Euro Coin will unlock on Solana’s ultra-fast, ultra-low cost network.”
The director of engineering also stated that Circle expects “a wide range of bridges, wallets, and dapps of all types to serve end users and facilitate seamless movement of USDC throughout the crypto ecosystem.”
Officials at Circle believe the Euro Coin will usher in new changes on Solana, including 24/7 instant FX on-chain and fast and reliable payment in euros with Solana Pay. Sheraz Shere, head of payments at Solana Labs, explained,
The availability of Euro Coin on Solana unlocks new use cases for instant FX, provides optionality for traders with a new base currency, allows for Euro Coin lending and borrowing, and will be available alongside USDC as a payment currency in Solana Pay.
Circle introduced the Euro Coin as a European version of its well-known stablecoin, USDC. The Euro Coin works similarly to the USDC stablecoin but is pegged to the Euro rather than the US dollar like the USDC.
Circle also intends to include Solana in the scope of its upcoming cross-chain transfer protocol. This protocol was unveiled in September and is scheduled to launch on Ethereum and Avalanche at the start of 2023. Circle will expand it to Solana.
Circle’s cross-chain transfer protocol will enable crypto projects to move USDC across different chains. Rather than using wrapped tokens, the cross-chain transfer protocol will use versions of the stablecoin that are native to each blockchain.