Circle launches EURC stablecoin on Solana

2023-12-18 16:57:44

Circle, the global financial technology firm, has announced the launch of EURC on the Solana network.

As the leading regulated dollar stablecoin issuer, Circle’s expansion of EURC onto Solana, now the fourth blockchain to support it natively, is poised to enhance utility in peer-to-peer transfers and European remittance corridors.

EURC, a fiat-backed stablecoin, operates under a full-reserve model, ensuring a 1:1 redeemable value for the euro. This launch allows developers and users to engage with EURC and USDC on Solana (SOL), providing global money transfers and financial transaction options.

With Circle Mint’s on and off-ramps, businesses can convert EUR to and from EURC, accessing applications in the Solana eco for foreign exchange and financial services. Circle aims to show commitment by achieving full MiCA conformity for developers and users of EURC on Solana.

Rachel Mayer, Circle’s VP of Product Management, emphasizes the potential for users to securely hold savings in euros without traditional bank accounts, offering a valuable tool against local currency volatility.

Leading defi applications like Jupiter Exchange, Meteora, Orca, Raydium, and Phoenix are already set to leverage EURC on Solana for 24-hour per day, seven-day-per-week instant foreign exchange, trading, borrowing, and lending. Ming Ng, co-founder at Jupiter, added her excitement about providing aggregated access to EURC, contributing to deep euro liquidity on-chain.

Solana developers can now integrate EURC using open-source, permissionless protocols outlined in the developer docs.

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