Stablecoin Issuer Circle Expanding Euro Coin (EUROC) to Major Ethereum Rival in 2023

Digital financial technology firm Circle says it will bring its Euro-pegged stablecoin to smart contract platform Solana (SOL).

The issuer of USD Coin (USDC) says it is rolling out native support of the Euro Coin (EUROC) to the Ethereum rival by the first half of 2023. 

Circle also says its Cross-Chain Transfer Protocol, an infrastructure tool that allows users to send and transact USDC natively across supported blockchains, will also be available on Solana early next year. 

Says Circle VP of Product Joao Reginatto,

“Solana is a logical next step for Euro Coin and Cross-Chain Transfer Protocol given the depth and breadth of their developer ecosystem. We’re excited to watch this grow as we launch early next year.”

Circle made the announcement at this year’s Solana Breakpoint conference in Lisbon, Portugal after launching Euro Coin on June 30th. The crypto payments company says the stablecoin aims to enhance cross-border access to the Euro. 

Solana Labs head of payments Sheraz Shere says that stablecoins such as Euro Coin operating on fast and efficient blockchains holds the future of banking and fintech.

“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.”

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