Provide expanded support for the stablecoin Euro Coin and its Cross-Chain Transfer Protocol, such is the objective of Circle, which has just announced their forthcoming migration to Solana. Other commitments will complete this initiative, which is scheduled to be launched in the first half of 2023.
Circle seduced by the ultra-speed and low cost of Solana
” On the #SolanaBreakpoint stage, we announced the expansion of native Euro Coin support and developer access to our Cross-Chain Transfer Protocol on @Solana in the first half of 2023. »
Such is the announcement shared by Circle on Twitter, and confirmed by a Press release published on its website, Sunday 6 November. Two points to take away from this news:
- the Euro Coin, a euro-backed stablecoin issued by Circle since June, will arrive on the Solana blockchain within a few months;
- the Cross-Chain Transfer Protocol, a novelty from Circle, will also meet the same fate in 2023.
Note that this new transfer protocol was presented last September. In particular, allowing transfers of USDC cryptocurrencies on several blockchains, it will also integrate Ethereum and Avalanche in 2023.
” Euro Coin availability on Solana unlocks new use cases for FX [Foreign Exchange] instant, offers optionality for traders with a new base currency, allows lending and borrowing of Euro Coin and will be available alongside USDC as a payout currency in Solana Pay says Sheraz Shere, Head of Payments at Solana Labs.
FTX adheres to this crypto project
FTX has already shown interest in this EUROC deployment on Solana. Sam Bankman-Fried’s cryptocurrency exchange has promised to support Euro Coin deposits, withdrawals and exchanges as soon as this milestone is reached.
Other DeFi protocols already present on Solana have also shown interest in the same project. Solend and Raydium, among others, will support the Euro Coin stablecoin once integrated into this scalable blockchain.
” A multi-currency strategy for stablecoins provides users with optionality, and multi-chain availability facilitates access to liquidity “. This remark comes from Vice President of Products at Circle, Joao Reginatto.
Circle has already made headlines with the USDC: this stablecoin is currently enjoying great popularity. With the arrival of Euro Coin on Solana, the fintech company is once again going hit hard. This will only bring a new dynamic in international trade and in the crypto ecosystem.
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