12 April, 2024

Circle To Introduce Euro Coin and Cross-chain Transfer Protocol to Solana in 2023

07 Nov, 2022

22 Nov, 2023

Digital financial technology firm Circle is now planning to bring its Euro Coin and cross-chain transfer protocol to the Solana ecosystem in the first half of 2023.

FTX will be the first cryptocurrency exchange to list Solana-based Euro Coin at launch, according to a press release issued by the USDC issuer during the Solana Breakpoint event. Several Solana-based protocols, including Raydium and Solend, have also pledged to support the Euro Coin when it launches.

“Together, Euro Coin and USDC aim to bring faster, inexpensive transactions to global commerce and unlock new opportunities for multi-currency digital finance and on-chain foreign exchange (FX), where daily volume in traditional markets can top $6.6 trillion globally,” the press release reads.

During a presentation at the Solana Breakpoint conference in Lisbon, Portugal, Circle director of engineering Marcus Boorstin stated that “there’s already a lot of enthusiasm from the ecosystem” for the launch.

In addition to launching Euro Coin on Solana, Circle announced plans to extend its permissionless cross-chain infrastructure, Cross-Chain Transfer Protocol, on the Sol network by next year.

Wormhole, an interoperability platform, intends to support the Cross-chain transfer protocol implementation once it is live on the Solana blockchain.

Circles Euro Coin and Cross-Chain Transfer Protocol, introduced earlier this year, are expected to be integrated with other blockchains, including Ethererum and Avalanche, in the near future. Furthermore, competitor stablecoins such as Tether USDT are available on multiple chains, including Ethererum, Tron, and Binance.

Circle launched the Euro Coin, a euro-backed stablecoin, in June. Compared to its USDC counterpart, which is pegged to the dollar, the Euro Coin is pegged to the Euro. It is currently live on the Ethereum blockchain and will be live on the Solana blockchain by Q1 2023.

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.



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