Solana Pay Now Accepts EUROC as Payment Currency
EUROC will be available as a payment currency in Solana Pay, alongside USDC.
Circle plans to expand its support for the Euro-backed stablecoin EUROC to the Solana blockchain in the first half of 2023. This move will allow Circle to take advantage of Solana's high performance and scalability to provide users with a more efficient and cost-effective way to transact with EUROC.
Sheraz Shere, Head of Payments at Solana Labs, said the availability of EUROC on Solana will set the scene for new use cases for instant foreign exchange, offering optionality for traders with a new base currency while enabling lending and borrowing with the stablecoin. This is great news for Solana and its users, as it will open up new opportunities for instant cross-border payments and stablecoin-based lending and borrowing. EUROC on Solana will also provide traders with a new base currency option, offering more flexibility and choice in the market. We're looking forward to seeing how this develops in the coming months and years.
FTX to Support Euro Coin's Deposits and Withdrawals
The FTX exchange is set to launch support for the Euro Coin stablecoin on Solana. This move will allow users to deposit, withdraw, and trade the digital currency. Additionally, several Solana-based decentralized finance protocols, including Raydium and Solend, have come forward to support the stablecoin. This is a positive development for the DeFi space as it further legitimizes the use of digital currencies in financial applications.
It is exciting to see that the Solana ecosystem is continuing to grow and evolve. The Cross-Chain Transfer Protocol is a particularly intriguing development, as it has the potential to greatly increase the utility of Solana. I am looking forward to seeing how this protocol develops over the next year or two, and how it ultimately benefits the Solana community.
The launch of the protocol is expected to bring a new level of efficiency and security to the Ethereum and Avalanche networks. Wormhole has expressed interest in supporting the protocol on Solana, which would complete the rollout of the protocol on all major blockchain platforms. This would provide a major boost to the adoption of the protocol and solidify its position as the leading solution for cross-chain communication.
The Circle team is excited about the potential of Solana to help stabilize the value of their digital currency, the USDC. With Solana's easy-to-use liquidity and multi-chain compatibility, the USDC should be able to maintain its value better than ever before. This will help encourage more people to use digital currencies and help drive mainstream adoption.
“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.”
With the recent launch of the USDC stablecoin on the Ethereum network, Circle believes that teleporting USDC from one ecosystem to another would help devs maximize capital efficiency and create novel cross-chain decentralized applications. USDC can be used to stack together the different functionalities of trading, lending, payments, non-fungible tokens, gaming, etc., which would create a more efficient and user-friendly experience for users.
The Euro-Backed Stablecoin: A New Way to Store Value
I believe that Circle's launch of the Euro Coin will be a positive development for the cryptocurrency industry. The company's commitment to transparency and security is admirable, and I believe that the EUROC will help to further legitimize cryptocurrencies in the eyes of the mainstream financial world.
At EUROC, we believe that crypto-native and traditional financial services can coexist and complement each other. Our goal is to enable and bridge the two worlds, so that everyone can benefit from the advantages of both. EUROC is fully backed by euro-denominated reserves held in the custody of prominent financial players within the regulatory perimeter of the United States, starting with the Silvergate Bank. With our strong foundation, we are well positioned to provide the best of both worlds to our customers.
We are excited to announce our expansion to the Solana blockchain with the launch of our Euro Coin (EUROC)! This move will allow us to provide our users with even more options for secure and efficient digital payments.
