Circle Launches EURC Stablecoin on Solana, Expanding Euro Access in the Crypto Space

Expanding the planetary scope of euro-based stablecoins, Circle has debuted its EURC token connected the Solana blockchain, offering a afloat reserved, euro-backed integer asset.

Circle Expands its Stablecoin Portfolio With EURC Launch connected Solana, Boosting Euro Integration successful Digital Finance

Circle, a starring stablecoin issuer, has announced the motorboat of its euro-backed integer currency, EURC, connected the Solana blockchain. The summation of EURC to Solana’s level is acceptable to supply caller options for users and developers successful the realm of integer currency transactions.

EURC is designed arsenic a afloat reserved, euro-backed stablecoin, aiming to facilitate global, instant colony and 24/7 on-chain overseas speech (FX) operations. Its motorboat connected Solana, known for its high-speed and low-cost network, represents an enlargement of Circle’s stablecoin offerings and a imaginable summation successful entree to the euro wrong the planetary integer plus market.

2/ $EURC is simply a afloat reserved, euro-backed #stablecoin that expands entree to the euro globally.

Developers tin physique connected apical of EURC and $USDC connected @solana to present caller applications for always-on FX, payments, cross-border remittances, and fiscal services.

— Circle (@circle) December 18, 2023

Several decentralized concern (defi) protocols and integer wallets connected the Solana web person already added enactment for EURC. These see Jupiter Exchange, Kamino Finance, and galore more. Digital wallets specified arsenic Coinbase Wallet, Glow Wallet, Phantom, and Solflare Wallet are besides acceptable to supply enactment for EURC.

The motorboat brings the fig of blockchain networks supporting EURC to four, with Solana joining Avalanche, Ethereum, and Stellar. This enlargement reflects Circle’s continued strategy to diversify its stablecoin offerings crossed assorted blockchain ecosystems.

Stablecoins similar EURC play a important relation successful the integer plus market, serving arsenic a nexus betwixt fiat currencies and crypto assets. They enactment trading and transactions connected blockchain networks and connection alternatives to accepted banking methods, peculiarly successful regions with unstable fiscal systems. Analysts expect important maturation successful the stablecoin market, currently valued astatine astir $130 billion, arsenic much platforms integrate these integer tokens.

EURC’s marketplace capitalization presently stands astatine astir $55 million, successful opposition to the larger USDC marketplace capitalization of $24 cardinal and Tether’s USDT astatine $90 billion. Tether additionally provides a token linked to the euro, known arsenic EURT. Currently, the circulation of EURT stands astatine 36.38 million.

Circle plans to align EURC with the upcoming EU integer plus regulations for Markets successful Crypto-Assets (MiCA), positioning it arsenic a regulated e-money token. Circle’s determination to present EURC arsenic a regulated e-money token is 1 of the latest moves to differentiate it from its competitors successful the progressively crowded stablecoin marketplace by positioning it arsenic a person successful the compliant and unafraid issuance of stablecoins.

Will the EURC instrumentality distant marketplace stock from the dominance of the dollar-denominated stablecoin market? Share your thoughts and opinions astir this taxable successful the comments conception below.