Circle Will Introduce Euro Coin To Solana Early In 2023
In the first half of 2023, payments company Circle will add Euro Coin to the Solana blockchain and extend its cross-chain protocol there.
As a European version of its well-known stablecoin USDC, Circle only introduced Euro Coin in June. The same principles apply to Euro Coin, which is tied to the euro rather than the dollar. Currently, it is operational on the Ethereum blockchain.
When it launches on Solana, FTX will add support for the Euro Coin, according to a statement from Circle. Other decentralized finance protocols have shown interest in supporting the stablecoin when it starts, according to Circle.
“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 also intends to include Solana in the scope
This protocol was unveiled in September and is scheduled to launch on Ethereum and Avalanche at the start of 2023. In the first part of 2023, Circle plans to deliver it to Solana.
Crypto projects can transfer USDC between blockchains via the cross-chain transfer protocol. Instead than employing wrapped tokens, it employs versions of the stablecoin that are native to each chain.
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