American fintech giant and issuer of USDC, Circle has included Solana in its list of supported blockchains for its Euro-pegged stablecoin, EURC.
This will allow EURC users the option to send and receive the stablecoin through the Solana network henceforth. By the development, Solana joins Ethereum, Stellar and Avalanche among the chains Circle is utilizing for EURC.
Circle in a statement said Solana will allow developers and other users to transact and build on Solana with higher speed and lower cost.
“EURC is well positioned to radically enhance utility across peer-to-peer transfers and European remittance corridors,” the company said in a statement. “Developers and users can now build and transact across both EURC and USDC on Solana for faster, lower-cost ways to send, spend and save money worldwide.”
Stablecoins have become an important part of the crypto industry. Their popularity continues to grow because of their use for payment and other use cases that require relatively stable crypto assets.
Circle first launched EURC in June 2022, 4 years after it launched USDC, its first stablecoin. Like USDC, EURC is backed by a fiat currency, the Euro and was initially launched on Ethereum.
As time passed, other networks have been added, allowing users more options and flexibility when it comes to sending and receiving the stablecoin. Solana is a major enhancement to the stablecoin.
“The launch of EURC on Solana marks a significant step towards a more efficient, inclusive and user-centric financial ecosystem,” Rachel Mayer, Circle’s VP of product management said in the statement. “Users will also be able to securely hold savings in euros without the need for a traditional bank account.”
Solana Apps Ready to SUpport
Solana is a leading platform for developers to build, because of its efficiency, speed and low cost compared to Ethereum. As a result, there are many decentralized applications currently functional on the network.
In addition, top apps such as Jupiter Exchange, Meteora, Orca, and Phoenix are ready to support EURC on Solana, which is a great sign that the launch of EURC on Solana will bring growth to the stablecoin, not just in Europe but globally.
“We’re excited to support Circle’s EURC on Solana and usher in an era of deep euro liquidity on-chain,” Jupiter co-founder Ming Ng said in a statement. “In addition to USDC, Jupiter will now provide simple, aggregated access to EURC for both users as well as leading wallets, exchanges, GameFi apps, and NFT platforms across the Solana ecosystem.”
Encouraging Stablecoin Use
One of the challenges to the use of cryptocurrencies is the issue of volatility. Stbalecoins solved this problem by being relatively stable assets for making payments rather than the usual cryptocurrencies.
Another challenge that is facing the use of stablecoins however is the inefficient nature of the Ethereum network, which is the network on which most stablecoins are initially launched, making stablecoin transactions unnecessarily expensive.
This started with USDC which was later available on other networks, and now EURC. launching on Solana is indeed a big way to encourage the use of the stablecoin since it is way cheaper, faster, and more efficient than Ethereum and most other networks.
With Solana decentralized exchanges like Jupiter nearing $1 billion in trading volume in October, this launch will certainly be a mutual win for Circle and Such Solana platforms.
