During the move to Solana blockchain, FTX will support withdrawals, trading, and deposits of EUROC.
Circle, a peer-to-peer payment technology company and the issuer of USD Coin stablecoin (USDC), has announced its plans to expand Euro Coin (EUROC) support to Solana blockchain in 2023.
According to the press release shared on November 6th, the news was revealed during Solana Breakpoint event.
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Euro Coin (EUROC) is a euro-backed stablecoin based on Ethereum blockchain. In its press release, Circle highlighted that stablecoin aims to “bring faster, inexpensive transactions to global commerce” and is built on transparency, trust and security.
Solana Labs Head of Payments Sheraz Shere noted that Euro Coin’s incorporation into Solana will be “the future of banking and fintech.”
The availability of Euro Coin on Solana unlocks new use cases for instant FX, provides optionality for traders with a new base currency, allows for Euro Coin lending and borrowing, and will be available alongside USDC as a payment currency in Solana Pay.
Based on the announcement, during the move to Solana blockchain, one of the largest crypto exchanges, FTX, is planning to support withdrawals, trading, and deposits of EUROC. Moreover, the press release added that various decentralized finance (DeFi) protocols on Solana have expressed their interest in supporting EUROC as well.
Along with EUROC expansion, Circle is planning to give Solana users access to its cross-chain infrastructure, dubbed Cross-Chain Transfer Protocol. The infrastructure offers seamless stablecoin movement for trading, commerce, yield generating, and payments.
When talking about the expansion to Solana, Circle Vice President (VP) of Product, Joao Reginatto, noted:
Solana is a logical next step for Euro Coin and Cross-Chain Transfer Protocol given the depth and breadth of their developer ecosystem. We’re excited to watch this grow as we launch early next year.
At the time of writing, the EUROC market cap is $80,599,827.
