One more blockchain for EUROC. Circle’s Euro stablecoin will be available on Solana (SOL) early next year, along with the company’s cross-chain transfer protocol. This will help drive the adoption of the Euro Coin
Circle’s EUROC lands on Solana
The news was announced at the Solana Breakpoint event. Circle, which offers USDC among other things, confirmed that its EUROC will soon be available on Solana. The stablecoin is backed by the euro, and there are currently more than 80,000 in circulation.
Like the USDC, the EUROC will be available with Solana Pay. It’s a way for stablecoin to unlock new uses, according to Sheraz Shere, the head of payments at Solana Labs:
“Stablecoins like Euro Coin on fast, efficient, near-instant settlement chains will be the future of banking and fintech. “
Exchange platform FTX has confirmed that it will offer EUROC deposits, withdrawals and purchases from the launch of stablecoin on Solana. The major decentralised finance protocols (DeFi) have also reportedly expressed interest. This is particularly crucial: stablecoins power part of the sector, and those backed by the euro still have a place to take.
Circle goes for multi-channel
Joao Reginatto, Circle’s vice president of products, said offering stablecoins on multiple channels and platforms is a key aspect of their future adoption:
“A multi-currency strategy for stablecoins provides users with multi-channel options and availability that makes it easier to access liquidity. “
This is also the strategy for Circle’s Cross-Chain Transfer protocol. The latter allows USDCs to be used and sent across multiple blockchains. The idea is to provide developers with a way to transfer stablecoin in a flexible way. There will be many uses, including multi-chain dApps.
There have been some signs that euro stablecoins are starting to attract interest from large crypto companies in recent months. Last week, for example, it was reported that Ripple (XRP) would now include a major euro stablecoin, EURS. But there’s still a way to go: dollar stablecoins are still overwhelmingly the same, so those based on the European currency will have to continue to make inroads into mainstream cryptocurrency usage.