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

Expanding the worldwide attain of euro-based stablecoins, Circle has debuted its EURC token on the Solana blockchain, providing a completely reserved, euro-backed digital asset.

Circle Expands its Stablecoin Portfolio With EURC Launch on Solana, Boosting Euro Integration in Digital Finance

Circle, a number one stablecoin issuer, has announced the launch of its euro-backed digital forex, EURC, on the Solana blockchain. The addition of EURC to Solana’s platform is about to supply new choices for customers and builders within the realm of digital forex transactions.

EURC is designed as a completely reserved, euro-backed stablecoin, aiming to facilitate international, on the spot settlement and 24/7 on-chain overseas change (FX) operations. Its launch on Solana, recognized for its high-speed and low-cost community, represents an growth of Circle’s stablecoin choices and a possible enhance in entry to the euro inside the international digital asset market.

2/ $EURC is a completely reserved, euro-backed #stablecoin that expands entry to the euro globally.

Developers can construct on high of EURC and $USDC on @solana to ship new purposes for always-on FX, funds, cross-border remittances, and monetary companies.

— Circle (@circle) December 18, 2023

Several decentralized finance (defi) protocols and digital wallets on the Solana community have already added assist for EURC. These embrace Jupiter Exchange, Kamino Finance, and plenty of extra. Digital wallets similar to Coinbase Wallet, Glow Wallet, Phantom, and Solflare Wallet are additionally set to supply assist for EURC.

The launch brings the variety of blockchain networks supporting EURC to 4, with Solana becoming a member of Avalanche, Ethereum, and Stellar. This growth displays Circle’s continued technique to diversify its stablecoin choices throughout varied blockchain ecosystems.

Stablecoins like EURC play an important function within the digital asset market, serving as a hyperlink between fiat currencies and crypto belongings. They assist buying and selling and transactions on blockchain networks and supply alternate options to conventional banking strategies, notably in areas with unstable monetary methods. Analysts anticipate vital progress within the stablecoin market, currently valued at around $130 billion, as extra platforms combine these digital tokens.

EURC’s market capitalization at present stands at roughly $55 million, in distinction to the bigger USDC market capitalization of $24 billion and Tether’s USDT at $90 billion. Tether moreover supplies a token linked to the euro, often called EURT. Currently, the circulation of EURT stands at 36.38 million.

Circle plans to align EURC with the upcoming EU digital asset regulations for Markets in Crypto-Assets (MiCA), positioning it as a regulated e-money token. Circle’s transfer to introduce EURC as a regulated e-money token is likely one of the newest strikes to distinguish it from its rivals within the more and more crowded stablecoin market by positioning it as a frontrunner within the compliant and safe issuance of stablecoins.

Will the EURC take away market share from the dominance of the dollar-denominated stablecoin market? Share your ideas and opinions about this topic within the feedback part beneath.