Circle, the issuer of USD Coin (USDC) and Euro Coin, is expanding access to Cross-Chain Transfer Protocol, its new permissionless cross-chain infrastructure, the global fintech firm announced during Solana Breakpoint today.
There will be native support of Euro Coin on Solana in the first half of 2023.
Bringing faster, cheaper transactions to global commerce
USDC and Euro Coin aim to bring faster, cheaper transactions to global commerce and harness the potential of on-chain foreign exchange and multi-currency digital finance. Daily volume in traditional markets goes up to as much as $6.6 trillion.
Head of Payments at Solana Labs Sheraz Shere said:
Euro Coin’s availability on Solana provides optionality for traders with a new base currency, unlocks new use cases for instant FX, enables Euro Coin borrowing and lending, and more. Like USDC, it will be available as a payment currency in Solana Pay. Stablecoins such as Euro Coin on efficient, fast chains with near-instant settlements like Solana are the future of banking and fintech.
FTX to support Euro Coin transactions
Leading crypto exchange FTX intends to support trading, deposits, and withdrawals of Euro Coin on Solana at launch. Solend, Raydium, and other leading DeFi protocols on Solana also expressed such intentions.
USDC has over $42b in circulation
Euro Coin is a regulated, euro-backed stablecoin issued under the same full-reserve model as USDC. It enjoys the same transparency, trust, and security that made USDC one of the most popular digital currencies, with more than $42 billion in circulation.
Joao Reginatto, VP of Product at Circle, added:
A multi-currency stablecoin strategy gives users optionality, while liquidity becomes easier to access thanks to multi-chain availability. Solana is a logical next step for Cross-Chain Transfer Protocol and Euro Coin, considering the breadth and depth of their developer ecosystem. We’re thrilled to watch this grow as we launch early next year.
The permissionless protocol will launch on Ethereum and Avalanche at the beginning of 2023. Wormhole and other integration partners will support the protocol’s implementation on Solana at launch.