USDC Issuer Circle to Add Solana Support for Euro Coin in 2023

The stablecoin was introduced in June and is backed by a mix of cash and European government debt.

AccessTimeIconNov 7, 2022 at 10:17 a.m. UTC
Updated Nov 7, 2022 at 3:54 p.m. UTC

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Stablecoin issuer Circle has announced that the Solana blockchain will add support next year for euro coin (EUROC), a regulated and reserve-backed stablecoin pegged to the euro.

Circle, the issuer of USD coin (USDC), the world's second-largest stablecoin, said that the move to Solana will improve on-chain foreign-exchange functionality.

Euro coin was introduced in June on the Ethereum blockchain and is backed by a mix of cash and European government debt. Adoption of the coin has been slow. It has a market cap of just $80 million, compared with USDC's market cap of $42 billion. Tether's USDT, the largest stablecoin, has a market cap of $69 billion.

“A multicurrency strategy for stablecoins provides users with optionality, and multichain availability makes it easy to access liquidity,” Joao Reginatto, vice president of product at Circle, said in a press release.

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Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

CoinDesk - Unknown

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.