Circle, a global digital financial technology firm and the issuer of USD Coin (USDC) and Euro Coin (EURC), announced plans to expand native support of EURC and access to their new permissionless cross-chain infrastructure, Cross-Chain Transfer Protocol (CCTP), on Solana.
What is EURC
EURC is a euro-backed stablecoin that’s accessible globally on Avalanche, Ethereum, and Stellar. Similar to USDC, EURC is issued by Circle under a full-reserve model. Designed for stability, EURC is 100% backed by euro held in euro-denominated bank accounts so that it’s always redeemable 1:1 for euro.
In a post on X, Circle announced that they’ve officially deployed EURC on Solana’s ultra-fast near-zero cost network! It seems that the good news continue to come, as the price of SOL has gone up nearly 400% in just under 2 months.
1/ The holiday season is nearly upon us and we have an early surprise…$EURC is now available on @solana’s ultra-fast, near-zero cost network!
The time is now for 24/7 on-chain FX with global, instant settlement. Learn more 👇 https://t.co/hrCirklYGY
— Circle (@circle) December 18, 2023
EURC and USDC
Together, EURC and USDC aim to bring faster, inexpensive transactions to global commerce and unlock new opportunities for multi-currency digital finance and on-chain foreign exchange (FX), where daily volume in traditional markets can top $6.6 trillion globally. The availability of EURC on Solana unlocks new use cases for instant FX, provides optionality for traders with a new base currency, allows for EURC lending and borrowing, and will be available alongside USDC as a payment currency in Solana Pay.
Cross-Chain Transfer Protocol (CCTP)
Originally announced at Converge22, Circle’s annual crypto conference, CCTP empowers developers to build seamless user experiences for sending and transacting USDC natively across blockchains. By effectively moving USDC from one ecosystem to another, developers can maximize capital efficiency and create novel cross-chain dApps that stack together the various functionalities of trading, lending, payments, NFTs, gaming, and more.
The Future of EURC on Solana
The deployment of EURC on Solana marks a significant milestone in the world of digital finance, which goes beyond cryptocurrency.
It not only enhances the utility of EURC but also expands the capabilities of the Solana blockchain. With the integration of CCTP, developers will be able to create more efficient and innovative applications, further driving the adoption of blockchain technology.
Naturally, this is great news for Solana and its ecosystem. It seems that in the last couple of months, Solana has been making all the right moves. So far, it’s been the top performer of this mini bull run, gaining nearly 400% in just under 2 months.
Furthermore, Solana’s own Web3 Phone — the Saga has sold out just 4 days ago.
The Saga is SOLD OUT!
Words cannot describe how much we appreciate your support. We are nothing without this amazing community 🫂
While these past few days will be cemented in our history, we’re excited for the future 🫡
Stay tuned ✨ pic.twitter.com/KJje8lBDLL
— Solana Mobile 🌱 (@solanamobile) December 16, 2023
Solana got significant controversy over their mobile device last year, and the predictions looked quite grim. Amazing what 4x-ing your value in 2 months can do, no?
Overall, EURC will find a thriving, expanding community of users, enthusiasts and developers on Solana and both projects will most likely grow and reach new levels due to cross-pollination of their audiences.
The deployment of EURC on Solana is a significant step forward in the world of digital finance. It not only enhances the utility of EURC but also expands the capabilities of the Solana blockchain. With the integration of CCTP, developers will be able to create more efficient and innovative applications, further driving the adoption of blockchain technology.
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