In June, Circle released The Euro Coin, a stablecoin guaranteed by the euro. The Euro Coin is tied to the Euro, as opposed to its equivalent, the USDC coin, which is tied to dollars. The Euro coin is already operational on the Ethereum blockchain, and by the first quarter of 2023, it will also be operational on the Solana blockchain.
The introduction of the Euro coin on Solana, in accordance with Sheraz Shere, Head of Payments at Solana Labs, opens up fresh use cases for quick FX, gives dealers layout flexibility with a different base currency, and enables lent and borrowed of the Euro Coin on a blockchain. In Solana Pay, the Euro coin will be an additional payment option to USDC.
When Euro Coin launches on Solana, exchanges like FTX will add functionality for payments, repayments, and trading. In addition, Raydium and Solena, two Solana-based DeFi (Decentralized finance) protocols, have expressed interest in backing the stablecoin when it debuts, according to Circle.
In addition to the Euro Coin, Circle will also be deploying its cross-chain transfer mechanism, that was first revealed in September, on the Solana blockchain. The protocol would launch on Ethereum and Avalanche in the first half of 2023 before being extended to Solana.
With the help of the cross-chain transport protocol, native transfers of USDC can be made between multiple blockchains without the need for wrapped tokens. Once it is operational on the Solana blockchain, the Cross-chain transfer protocol application will be supported by interoperable platform Wormhole.
Speaking about Circle, the company recently disclosed that it has established a new cash reserve called the Circle Reserve Funds with BlackRock to assist in managing its stablecoin's reserves.
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