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.
Nov 7, 2022 at 10:17 a.m. UTC:format(webp)/downloads.coindesk.com/arc/failsafe/placeholders/16x9.png)
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.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:format(webp)/www.coindesk.com/resizer/fczAGHsWLFXiMV23oZZmkW19Ots=/arc-photo-coindesk/arc2-prod/public/D4HEG34XFVFVJHPXEEJAEFZ3SI.jpg)
Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/XISAESVQTVEHTAFIOJ3Z3PYOKQ.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/7FHPFWTTIZAKPIXTOAL773XPTA.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/44COV5NE2ZEUBIU7TLMQWGBOBU.JPG)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/S3LVSWVU6BHJ3K6EUFOT3DB424.jpg)