Circle, a global digital financial entity and provider of USD-Coin and Euro Coin, made an on-stage announcement at the Solana breakpoint event on November 6. The firm revealed plans to introduce the Euro coin on the Solana blockchain during the first half of 2023 with a cross-chain transfer protocol infrastructure.
Circle To Develop Euro Coin On Solana
Circle first announced the launch of the Euro coin and the cross-chain transfer protocol in June and September, respectively. Afterward, the firm sought to enhance support for both innovations after their invention.
Euro coin, a Euro-backed regulated stablecoin, was developed with a similar reserve model, trust level, security, and transparency as the USDC. These qualities made the USDC one of the world’s most accepted stablecoins. As of November 4, the asset had grossed over $42 billion in circulation.
With Euro coin and USDC on the table, global commerce can welcome cheaper and faster transactions. In addition, they will unleash opportunities for on-chain foreign exchange and several currencies in digital finance. Consequently, traditional markets will increase daily volume by up to $6.6 trillion.
Sheraz Shere, Solana Labs’ head of payment, commented on the new idea. Sheraz said the existence of the Euro coin on Solana adds new use cases to instant FX. It also allows traders to select their chosen currency from a new base of alternatives. Also, it will offer lending services of Euro coins and add USDC to the payment methods on Solana pay.
FTX To Prop Euro Coin Upon Release
One of the leading cryptocurrency bourses, FTX, has confirmed it will support the Euro coin on Solana after its unveiling. In addition, several Decentralized Finance protocols have also affirmed backing the asset on SOL. For example, Solend and Raydium promised to extend support to the Euro coin as soon as it goes live.
Circle’s products Vice President Joao Reginatto noted that the cross-chain availability of a multi-currency solution makes it less complicated for users to access the liquidity pool. Hence, Solana was conducive to accommodating the Euro coin and cross-chain transfer protocol. Joao added that the company is thrilled to monitor this development as it hits the spotlight next year.
At the yearly crypto conference, Converge22, Circle revealed that cross-chain transfer protocols benefit unhindered USDC transactions across blockchains. The protocol is set to go live first on Ethereum and Avalanche at the start of 2023. Afterward, toward the end of the year’s first half, it will expand to the Solana blockchain.