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Expanding the global reach of euro-based stablecoins, Circle has debuted its EURC token on the Solana blockchain, offering a fully reserved, euro-backed digital asset.
Circle Expands its Stablecoin Portfolio With EURC Launch on Solana, Boosting Euro Integration in Digital Finance
Circle, a leading stablecoin issuer, has announced the launch of its euro-backed digital currency, EURC, on the Solana blockchain. The addition of EURC to Solana’s platform is set to provide new options for users and developers in the realm of digital currency transactions.
EURC is designed as a fully reserved, euro-backed stablecoin, aiming to facilitate global, instant settlement and 24/7 on-chain foreign exchange (FX) operations. Its launch on Solana, known for its high-speed and low-cost network, represents an expansion of Circle’s stablecoin offerings and a potential increase in access to the euro within the global digital asset market.
2/ $EURC is a fully reserved, euro-backed #stablecoin that expands access to the euro globally.
Developers can build on top of EURC and $USDC on @solana to deliver new applications for always-on FX, payments, cross-border remittances, and financial services.
— Circle (@circle) December 18, 2023
Several decentralized finance (defi) protocols and digital wallets on the Solana network have already added support for EURC. These include Jupiter Exchange, Kamino Finance, and many more. Digital wallets such as Coinbase Wallet, Glow Wallet, Phantom, and Solflare Wallet are also set to provide support for EURC.
The launch brings the number of blockchain networks supporting EURC to four, with Solana joining Avalanche, Ethereum, and Stellar. This expansion reflects Circle’s continued strategy to diversify its stablecoin offerings across various blockchain ecosystems.
Stablecoins like EURC play a crucial role in the digital asset market, serving as a link between fiat currencies and crypto assets. They support trading and transactions on blockchain networks and offer alternatives to traditional banking methods, particularly in regions with unstable financial systems. Analysts anticipate significant growth in the stablecoin market, currently valued at around $130 billion, as more platforms integrate these digital tokens.
EURC’s market capitalization currently stands at approximately $55 million, in contrast to the larger USDC market capitalization of $24 billion and Tether’s USDT at $90 billion. Tether additionally provides a token linked to the euro, known as 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 move to introduce EURC as a regulated e-money token is one of the latest moves to differentiate it from its competitors in the increasingly crowded stablecoin market by positioning it as a leader in the compliant and secure issuance of stablecoins.
Will the EURC take away market share from the dominance of the dollar-denominated stablecoin market? Share your thoughts and opinions about this subject in the comments section below.