Circle Launches EURC on the Mighty Solana Blockchain!

Key Points:

• EURC expands to Solana, offering cheap, speedy transactions in Solana’s vibrant ecosystem.
• Solana-based DeFi apps, including Jupiter Exchange and Meteora, embrace EURC for 24/7 trading and foreign-exchange transactions.

Circle launches EURC on the Solana (SOL) blockchain, a move expected to revolutionize utility across peer-to-peer transfers and European remittance corridors.

Known for its cost-effective and fast transactions, Solana provides an ideal platform for EURC, which is gaining support from various Solana-based decentralized finance (DeFi) applications and digital wallets, including Jupiter Exchange, Meteora, Orca, and Phoenix.

Users on these platforms can now engage in around-the-clock foreign-exchange transactions, trading, borrowing, and lending with the EURC stablecoin. This expansion to Solana follows earlier implementations on Avalanche (AVAX), Ethereum (ETH), and Stellar (XLM) blockchains, further extending the reach and accessibility of EURC.

Circle’s EURC on Solana Reshapes Crypto Landscape!

Circle foresees EURC playing a pivotal role in enhancing utility, particularly in facilitating seamless peer-to-peer transfers and transactions in European remittance corridors. Stablecoins, currently valued at $130 billion, serve as a crucial bridge between traditional fiat money and cryptocurrencies, supporting efficient trading and transactions on blockchain networks.

As a key player in the stablecoin market, Circle, known for its widely-used USDC stablecoin, introduced EURC in June. The stablecoin is backed by a combination of European government debt and cash reserves. Despite Euro stablecoins facing challenges in attracting users, EURC aims to carve a niche in the market, with its current market capitalization standing at around $55 million.

Stablecoins are increasingly becoming a preferred choice for transactions, offering faster and more cost-effective alternatives to traditional banking systems, especially in developing countries with fragile financial systems. Research firm Bernstein predicts stablecoins could grow into a nearly $3 trillion market in the next five years, as global financial and consumer platforms leverage these tokens on public blockchains to power value exchange. However, EURC faces stiff competition, with USDC boasting a market capitalization of $24 billion and the market leader, tether (USDT), standing at $90 billion.

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