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USDC issuer Circle introduced plans to increase native assist of its Euro-backed stablecoin – Euro Coin (EUROC) – to the Solana blockchain within the first half of 2023.
Sheraz Shere, Head of Funds at Solana Labs, said the provision of EUROC on Solana will set the scene for brand new use circumstances for fast overseas trade, providing optionality for merchants with a brand new base forex whereas enabling lending and borrowing with the stablecoin.
FTX to Assist Euro Coin’s Deposits and Withdrawals
At launch, FTX will assist deposits, withdrawals, and buying and selling of Euro Coin on Solana. The fintech additionally mentioned a number of Solana-based decentralized finance (DeFi) protocols, together with Raydium and Solend, have come ahead to assist the stablecoin.
Moreover, Solana’s Circle’s Cross-Chain Switch Protocol will hit Solana within the first half of 2023. Initially, it will assist native USDC transfers earlier than extending to Euro Coin.
This protocol is slated to launch in the beginning of 2023 on Ethereum and Avalanche. Its enlargement to Solana is predicted to finish within the first half of the yr. The corporate mentioned Wormhole had expressed intention to assist the protocol’s implementation on Solana at launch.
Talking in regards to the multi-currency technique for a stablecoin, Joao Reginatto, VP of Product at Circle, famous that such an optionality and multi-chain availability makes liquidity accessible simply. On selecting Solana, the exec mentioned,
“Solana is a logical subsequent step for Euro Coin and Cross-Chain Switch Protocol given the depth and breadth of their developer ecosystem. We’re excited to observe this develop as we launch early subsequent yr.”
Circle believes teleporting USDC from one ecosystem to a different would assist devs maximize capital effectivity and create novel cross-chain decentralized functions that “stack collectively the completely different functionalities” of buying and selling, lending, funds, non-fungible tokens, gaming, and many others.
The Euro-Backed Stablecoin
Circle launched Euro Coin in June this yr. In response to the corporate, EUROC is a regulated, euro-backed stablecoin sharing the identical full-reserve mannequin as USDC and is constructed upon the latter’s ideas of transparency and safety.
The primary purpose is to allow and bridge crypto-native and conventional monetary providers. EUROC is absolutely backed by euro-denominated reserves held within the custody of outstanding monetary gamers inside the regulatory perimeter of the US, beginning with the Silvergate Financial institution.
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