Circle plans to launch the Euro Coin in Solana in the first half of 2023
Circle plans to add Euro Coin to the Solana blockchain and expand its cross-chain protocol to Solana in the first half of 2023.
Circle only launched Euro Coin in June as a European counterpart to its popular stablecoin USDC. Euro Coin functions similarly to dollar coins, but is pegged to the euro rather than the dollar. It is currently operational on the Ethereum blockchain.
Circle said in a statement that when FTX goes live on Solana, it will add support for the Euro Coin. Other decentralized finance protocols, according to Circle, have expressed interest in supporting the stablecoin when it launches.
“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.
Crossing the chain
Circle also intends to extend its yet-to-be-launched cross-chain transfer protocol to Solana.
This protocol was announced in September and is scheduled to go live on Ethereum and Avalanche in early 2023. Circle anticipates that it will arrive in Solana in the first half of 2023.
The cross-chain transfer protocol allows crypto projects to transfer USDC between blockchains. Instead of wrapped tokens, it employs versions of the stablecoin local to each chain.