US company Circle, the source of stablecoins, announced the launch of its digital stablecoin pegged to the European Euro, EURC, on the Solana network.
The EUR-backed token was already available on several other networks.
Circle announces the launch of the EURC stablecoin on the Solana blockchain
Monday, EURC, the leading euro-backed digital currency issued by Circle, is now live on the Solana network.
Allowing real-time global payments and foreign currency exchange 24/7. As the blockchain network company wrote on its blog.
Notably, EURC was launched in the summer of 2022. It has already been offered on the Ethereum, Avalanche, and Stellar network since September 2022.
EURC currently has a market cap of $56 million. Among other stablecoins for the euro, we can mention EUR CoinVertible from Société Générale, EURT from Tether, or even Anchored Coins EUR, recently listed on Binance.
It added decentralized finance (DeFi) applications and digital wallets based on Solana. Including Jupiter, Meteora, Orca, and Phoenix exchanges, supporting the stablecoin.
Allowing users to conduct foreign exchange transactions around the clock, trading, borrowing, and lending using the token.
The Solana expansion follows native implementations on the Avalanche (AVAX), Ethereum (ETH), and Stellar (XLM) blockchains.
According to Circle, the launch of EURC on the Solana network represents an opportunity for developers and users to leverage both EURC and USDC.
Solana developers and users can now build and transact across both EURC and USDC for faster and cheaper ways to transfer, spend, and save money, the company said in its announcement.
Finally, Solana is the fourth largest blockchain, ranked by total value locked (TVL), with a value of about $1.1 billion, according to CoinGecko rankings.
The native Solana (SOL) token has soared this year, trading a whopping 629% to currently stand at $71.62.
The rise was driven by a combination of network improvements, and a variety of on-chain applications.
Including DeFi, non-fungible tokens (NFTs) and games. In addition to active interest among financial derivatives traders.
