Circle to add Solana support for Euro Coin

Circle announced plans to support the Euro Coin (EUROC) stablecoin on the Solana blockchain in the first half of 2023.

1/ On stage at #SolanaBreakpoint we announced the expansion of native support for Euro Coin and developer access to our Cross-Chain Transfer Protocol on @Solana in the first half of 2023. https://t.co/j8NVLG9nsi

— Circle (@circle) November 6, 2022

The issuer USD Coin (USDC) introduced a euro-pegged ‘stablecoin’ in June 2022. EUROC is a fully collateralised stablecoin launched on Ethereum.

Support for Euro Coin on Solana was announced by a number of Circle partners, including crypto exchange FTX and DeFi protocols Raydium and Solend.

«The availability of Euro Coin on Solana opens up new use cases for instant forex trading, giving traders the ability to lend and borrow with a new base currency available in Solana Pay alongside USDC,» said Sheraz Shere, head of payments at Solana Labs.  

The integration will be provided by the Cross-Chain Transfer Protocol, a cross-network infrastructure. In early 2023, Circle will connect Ethereum and Avalanche to it, and subsequently Solana. Wormhole is slated to participate in implementing the Solana portion.

«A multi-currency strategy for stablecoins gives users choice, and the availability of several networks makes liquidity access easier. Solana is the next logical step for Euro Coin and the Cross-Chain Transfer Protocol, given the depth and breadth of their developer ecosystem,» said Joao Reginatto, Circle’s Vice President of Product.

In November, the company received a license as a stablecoin issuer in Singapore.

Circle also began transferring USDC reserves to a BlackRock-managed fund.

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