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.