Circle Debuts Euro-backed Stablecoin on Solana Blockchain

USDC stablecoin issuer Circle has officially launched euro-backed EURC on the Solana (SOL) blockchain.

Woman robot holding a euro currency in a digital Circle.
Created by Kornelija Poderskytė from DailyCoin
  • Circle has launched another stablecoin on Solana.
  • The stablecoin is now natively available in four blockchains.
  • The stablecoin conforms to the upcoming MiCA regime.  

Stablecoin issuer Circle Internet Financial has officially deployed its EURC stablecoin on the Solana blockchain, according to a press release issued Monday.   

Like Circle’s USDC, EURC is a fiat-backed stablecoin, redeemable 1:1 for the euro under a full-reserve model. With the latest deployment, Solana is the fourth blockchain to natively integrate the stablecoin alongside Ethereum, Stellar, and Avalanche.

Fostering Financial Inclusion

Per the statement, EURC is “well positioned to radically enhance” utility in multiple fields, including peer-to-peer transfers and European remittance corridors.

While everyday users and developers can transact EURC and USDC on Solana for faster and lower-cost transfers worldwide, businesses can leverage Circle Mint’s institutional-grade on and off-ramps effortlessly to convert EUR to and from EURC.

Furthermore, the EURC stablecoin is poised to achieve full MiCA conformity as an e-money token once the crypto regime goes into effect, a compliance level that depicts the highest trust, transparency, and reliability standards.

Circle’s VP of Product Management, Rachel Mayer, lauded the launch of EURC on Solana, noting that it marked a significant step toward fostering “a more efficient, inclusive and user-centric financial ecosystem.”

“Users will also be able to securely hold savings in euro without the need for a traditional bank account - offering a powerful tool for those looking to safeguard against local currency volatility or devaluation risks that afflict numerous regions globally,” Mayer stated.

At launch, several decentralized finance (DeFi) applications and digital wallets had already lined up to tap into EURC on Solana for various use cases. These applications include Jupiter Exchange, Meteora, Orca, Raydium, and Phoenix, all set to drive 24/7 instant FX, trading, borrowing, and lending with the stablecoin.

Read why Circle recently denied terror funding claims:
Circle Denounces Terror Funding Claims & Justin Sun Ties

Stay updated on how Polygon benefits from Circle’s USDC CCTP:
Here’s How Polygon Benefits from Circle (USDC) CCTP Support

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

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Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.