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. How to promote the adoption of the Euro Coin?
Circle’s EUROC lands on Solana
The news was announced during the Solana Breakpoint event. Circle, which offers USDC among other things, has confirmed that its EUROC will soon be available on Solana. The stablecoin is backed by the euro, and more than 80,000 are currently in circulation.
Evolution of EUROC capitalization over the month
Just like USDC, EUROC will be available with Solana Pay. It’s a way for the stablecoin to unlock new uses, according to Solana Labs’ head of payments Sheraz Shere:
“Stablecoins like the Euro Coin on fast, efficient chains with near-instant settlements will be the future of banking and Fintech.»
Exchange FTX has confirmed that it will offer EUROC deposits, withdrawals and purchases as soon as the stablecoin launches on Solana. Major decentralized finance (DeFi) protocols 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.
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Circle is betting on multi-channels
According to Joao Reginatto, Vice President of Products at Circle, offering stablecoins across multiple channels and platforms is a key aspect of their future adoption:
“A multi-currency strategy for stablecoins provides users with options and multi-chain availability that makes it easier to access liquidity.»
This is also the strategy for Circle’s Cross-Chain Transfer protocol. The latter allows to use and send USDC on multiple blockchains. The idea is to provide developers with a way to transit the stablecoin in a flexible way. The uses will be multiple, including multi-channel dApps.
There are a few signs that euro stableoins are beginning to attract interest from major crypto companies in recent months. Last week, we learned that Ripple (XRP) would now integrate a major euro stablecoin, the EURS. But there is still a long way to go: the stablecoin dollars are still in the overwhelming majority, and those based on the European currency will therefore have to continue to interfere in the common uses of cryptocurrencies.
👉 Also Read – USD Coin (USDC), Circle Dollar Stablecoin and Coinbase
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Source: Circle, press release
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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