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Solana will receive Euro Coin in the first half of 2023 through Circle

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Joyashree Dey Follow

INDIA

Nov, 09 2022

Nov, 09 2022

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On November 7, the global digital financial technology firm Circle announced that the issuer of USD Coin (USDC) and Euro Coin is bringing Euro Coin to the Solana blockchain at the same time increasing its cross-chain protocol to Solana in the first half of 2023. 


Circle mainly launched Euro Coin in the purpose of a European take on its popular stablecoin USDC in June. Euro Coin works similarly but is fixed to the euro rather than the dollar. It’s right now live on the Ethereum blockchain. 


In Monday’s press release Circle said that FTX will add support for the Euro Coin when it goes live on Solana. Circle stated other decentralized finance protocols have also communicated interest in supporting the stablecoin when it launches. 


“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,” said Sheraz Shere, head of payments at Solana Labs. 


Circle is additionally wanting to extend its cross-chain transfer protocol — which is yet to launch — to Solana. 


This protocol was announced in September and is set to go live at the start of 2023 on Ethereum and Avalanche. Circle hopes to get it to Solana in the first half of 2023. 


Cross-chain transfer protocol lets crypto projects transfer USDC across various blockchains by utilizing versions of the stablecoin native to each chain as opposed to using wrapped tokens. 



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Joyashree Dey

CBW - External Analyst

INDIA

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