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Circle, the global financial technology firm, has announced the launch of $EURC on the Solana network.
As the leading regulated dollar stablecoin issuer, Circle’s expansion of $EURC onto Solana, now the fourth blockchain to support it natively, is poised to enhance utility in peer-to-peer transfers and European remittance corridors.
$EURC, a fiat-backed stablecoin, operates under a full-reserve model, ensuring a 1:1 redeemable value for the euro. This launch allows developers and users to engage with $EURC and $USDC on Solana (SOL), providing global money transfers and financial transaction options.
1/ The holiday season is nearly upon us and we have an early surprise…$EURC is now available on @solana’s ultra-fast, near-zero cost network!
— Circle (@circle) December 18, 2023
The time is now for 24/7 on-chain FX with global, instant settlement. Learn more 👇 https://t.co/hrCirklYGY
With Circle Mint’s on and off-ramps, businesses can convert EUR to and from $EURC, accessing applications in the Solana ecosystem for foreign exchange and financial services. Circle aims to show commitment by achieving full MiCA conformity for developers and users of $EURC on Solana.
Rachel Mayer, Circle’s VP of Product Management, emphasizes the potential for users to securely hold savings in euros without traditional bank accounts, offering a valuable tool against local currency volatility.
Leading defi applications like Jupiter Exchange, Meteora, Orca, Raydium, and Phoenix are already set to leverage $EURC on Solana for 24-hour per day, seven-day-per-week instant foreign exchange, trading, borrowing, and lending. Ming Ng, co-founder at Jupiter, added her excitement about providing aggregated access to $EURC, contributing to deep euro liquidity on-chain.
Solana developers can now integrate $EURC using open-source, permissionless protocols outlined in the developer docs.