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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.
Updated May 9, 2023, 4:01 a.m. Published Nov 7, 2022, 10:17 a.m.
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.
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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.
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