The issuer of stablecoins, Circle Internet Financial, said that the Solana (SOL) blockchain, renowned for enabling quick, inexpensive transactions and a wide range of ecosystem applications, is now hosting its stablecoin, EURC, backed by euros.
Being the most popular stablecoin backed by the euro, EURC is in a good position to increase utility for peer-to-peer transactions and European remittance corridors significantly. Along with Avalanche, Ethereum, and Stellar, Solana is now the fourth blockchain with native support for EURC.
Developers and users can now create and trade across both EURC and USDC on Solana to provide quicker, more affordable methods of sending, spending, and saving money globally.
The stablecoin now has further support from Solana-based decentralized finance (DeFi) apps and digital wallets, such as Jupiter currency, Meteora, Orca, and Phoenix.
Rachel Mayer, Circle’s VP of Product Management, said, “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.”
“Jupiter will now provide simple, aggregated access to EURC for both users as well as leading wallets, exchanges, GameFi apps, and NFT platforms across the Solana ecosystem,” business co-founder Ming Ng stated in an enthusiastic support circle.
According to Circle, EURC will be a regulated e-money token under the impending MiCA legislation, which will apply to all digital assets in the European Union.