USDC Issuers Circle has announced plans to extend native support for its euro-backed stablecoin — Euro Coin (EUROC) — to the Solana blockchain in the first half of 2023.
Sheraz Shere, Head of Payments at Solana Labs, said the availability of EUROC on Solana will lay the groundwork for new use cases for instant forex trading, giving traders the ability to use a new base currency while using stablecoins for lending and borrowing .
FTX Supports EURO Coin Deposit and Withdrawals
At launch, FTX will support deposits, withdrawals and Euro Coin trading on Solana. FTX also said that several Solana-based decentralized finance (DeFi) protocols, including Raydium and Solend, have come forward to support stablecoins.
Additionally, Solana’s Circle cross-chain transfer protocol will land on Solana in the first half of 2023. Native USDC transfers will be supported initially and then expanded to Euro Coin.
The protocol is scheduled to be rolled out on Ethereum and Avalanche in early 2023. The expansion to Solana is expected to be completed in the first half of this year. Wormhole has indicated its intention to help implement the protocol when Solana launches, the company said.
This optionality and multi-chain availability makes liquidity easily accessible, Circle VP of Product Joao Reginatto said of the stablecoin’s multi-currency strategy. In choosing Solana, the Executive said:
“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 believes that moving USDC from one ecosystem to another will help developers maximize capital efficiency and create novel decentralized cross-chain applications that combine transactions, credit, payments, and irreplaceable tokens. “Different features are stacked together” like coins, games, etc.
Circle launched Euro Coin in June of this year. According to the company, EUROC is a regulated, euro-backed stablecoin that shares the same full reserve model as USDC and is built on its notions of transparency and security.
The main goal is to enable and connect crypto-native and traditional financial services. EUROC is fully backed by Euro denominated reserves held by prominent US regulated financial institutions, starting with Silvergate Bank.