Payments company Circle will bring Euro Coin to the Solana blockchain and extend its cross-chain protocol to Solana in the first half of 2023. In June, circle only launched Euro Coin as the European version of its popular USDC stablecoin. Euro Coin works similarly but is pegged to the euro instead of the dollar. It is currently active on the Ethereum blockchain. FTX will add euro currency support when it goes live on Solana, Circle said in a statement.
Circle said that other decentralized finance protocols have also expressed interest in supporting the stablecoin in its launch. “The availability of Euro Coin in Solana opens up new use cases for Instant FX, offers options for traders with a new base currency, enables Euro Lending and Coin Lending, and will be available alongside USDC as a payment currency in Solana Pay,” said Sheraz Shere, Director of Payments at Solana Labs.
Circle also plans to extend its yet-to-be-launched cross-chain transfer protocol to Solana. This protocol was announced in September and will be rolled out on Ethereum and Avalanche in early 2023. Circle hopes to bring it to Solana in the first half of 2023. The cross-chain transfer protocol allows crypto projects to transfer USDC across different blockchains. It uses versions of each chain’s native stablecoin instead of wrapped tokens.