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Circle, the issuer of USD Coin (USDC) and Euro Coin, is expanding access to its new permissionless cross-chain infrastructure, the Cross-Chain Transfer Protocol, a global fintech company. announced During today’s Solana breakpoint.
In the first half of 2023, Solana will have native support for Euro coins.
USDC and Euro Coin aim to bring faster and cheaper transactions to global commerce, harnessing the potential of on-chain forex and multi-currency digital finance. He trades more than $6.6 trillion a day on traditional markets.
Sheraz Shere, Head of Payments at Solana Labs, said:
The availability of Euro Coins on Solana offers traders new base currency options, unlocking new use cases for instant FX, and the ability to borrow and lend Euro Coins. Like USDC, it will be available as a payment currency in Solana Pay. Efficient and fast on-chain stablecoins such as Euro Coin with near-instantaneous settlement like Solana are the future of banking and fintech.
Major cryptocurrency exchange FTX will support trading, depositing and withdrawing Euro coins on Solana at launch. Solend, Raydium, and other leading DeFi protocols on Solana have also expressed such intentions.
Euro Coin is a regulated, Euro-backed stablecoin issued under the same full reserve model as USDC. It enjoys the same transparency, trust, and security that made USDC one of the most popular digital currencies, with over $42 billion in circulation.
Joao Reginatto, Circle’s vice president of products, added:
A multi-currency stablecoin strategy gives users options, and multi-chain availability facilitates access to liquidity. Solana is a logical next step for the Cross-Chain Transfer Protocol and Euro Coin given the breadth and depth of its developer ecosystem. We are excited to see this grow as we launch early next year.
Permissionless protocols will launch on Ethereum and Avalanche in early 2023. Wormhole and other integration partners will support implementing the protocol in Solana at launch.
