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A brand new stablecoin referred to as the EUROC was launched by Circle, the USDC issuer, in June. It’s pegged to the euro and backed by U.S. establishments holding euro reserves.
The launch got here throughout a time when rumors and a decline in belief amongst stablecoin customers, on account of the collapse of UST, was brewing. On June 30, merchants began getting entry to the brand new stablecoin, Circle Euro Coin. Nonetheless, much like USDC, EUROC could have a reserve that’s absolutely backed by the euro as a substitute of {dollars}.
Which means for every EUROC token in use, an equal reserve in euros will likely be stored in safekeeping at monetary establishments topic to U.S. regulatory oversight. Silvergate Financial institution was the preliminary custodian for the stablecoin backed by the euro. Nonetheless, now Circle is planning to broaden its euro coin providing.
Circle to push out Circle Euro Coin to Solana in 2023
Within the first half of 2023, the stablecoin issuer is planning to broaden its cross-chain protocol to Solana. The euro coin is at present based mostly on the Ethereum blockchain.
“The provision of Euro Coin on Solana unlocks new use circumstances for immediate FX, offers optionality for merchants with a brand new base forex, permits for Euro Coin lending and borrowing, and will likely be out there alongside $USDC as a fee forex in Solana Pay,” acknowledged Sheraz Shere, head of funds at Solana Labs.
Through the transition to the Solana blockchain, FTX will lengthen help for the transition. Circle additionally acknowledged that further decentralized finance protocols have conveyed their curiosity in supporting the launch of the Solana-based Circle Euro Coin.
