Solana hosts a new stablecoin: Circle’s EURC, linked to the euro

EURC Solana
  • Circle’s EURC landed on the blockchain Solana
  • The stablecoin pegged to the euro now runs on four different blockchains
  • Circle launched EURC in 2022 in an effort to expand its stablecoin offering

Euro Coin (EURC), Circle‘s euro-pegged stablecoin, has just landed in another Blockchain.

The issuer of stablecoins announced that from now on its token EURC is active on the blockchain Solana (SOL ), known for its low cost, fast transactions and a vast ecosystem of decentralized applications.

Decentralized finance applications (DeFi) based in Solana, including Jupiter Exchange, Meteora, Orca and , as well as wallets, NFT platforms and others, have added support for the stablecoin as part of the integration, allowing users to make currency transactions, trade, take loans and other services with EURC.Phoenix

Developers and users can now create and transact in both EURC and USDC on Solana for faster, lower-cost ways to send, spend, and save money on everyone“, the company said in a statement on Monday.

EURC is well positioned to radically improve the utility of European peer-to-peer transfers and remittance corridors. 

Circle, the company behind the second largest stablecoin, USDC, introduced the euro-pegged cryptocurrency last June, backed by a combination of European public debt and cash in reserves.

EURC now runs on four blockchains

The arrival of EURC to Solana increases the number of block chains< a i=4> that provide support to the asset. The euro-backed currency of Circle is also issued in Stellar. and EthereumAvalanche

Stablecoins like the EURC play a crucial role in the digital asset market, serving as a link between fiat currencies and cryptocurrencies. They support commerce and network transactions Blockchain and offer alternatives to traditional banking methods, particularly in regions with unstable financial systems.

Circle expressed intentions for EURC to be an electronic money token regulated according to the next regulatory framework of digital assets for the entire European Union, better known as MiCA.

Research firm Bernstein predicted early this year that stablecoins could grow up to become a market of almost 3 trillion dollars in the next five years, as CoinDesk remembers. Currently, the market is equivalent to about USD $130 billion, with Tether (USDT) leading the ranking. 

EURC’s market capitalization currently stands at approximately $55 million, in contrast to USDC’s higher market capitalization of $24 billion and USDT of 90 billion dollars. 

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