Circle to Release Euro Coin on Solana in First Half of 2023

Outgoing U.S Senator Pat Toomey Introduces Stablecoin Legislation
  • FTX cryptocurrency exchange will let users deposit and withdraw Euro Coin on Solana.
  • The USDC may now be transferred natively across blockchains.

In the first half of 2023, Circle, a cryptocurrency payments business, will release Euro Coin, a stablecoin backed by the Euro on the Solana blockchain. At the Solana Breakpoint conference in Lisbon, Portugal. Circle’s head of engineering Marcus Boorstin remarked, “there’s already a lot of enthusiasm from the ecosystem” for the launch.

At the debut, he said, the FTX cryptocurrency exchange will let users deposit and withdraw Euro Coin on Solana. Moreover, Radium and Solend, two other DeFi protocols built on Solana, have “announced their intent to do so as well.”

First Launches on Ethereum and Avalanche

Moreover, Boorstin said that in the first half of 2023. Circle’s Cross-Chain Transfer Protocol would be live on Solana. First allowing native transfers of its USDC stablecoin, and eventually expanding to Euro Coin in the future.

The USDC may now be transferred natively across blockchains thanks to the Cross-Chain Transfer Protocol, a permissionless infrastructure. Moreover, the process involves transmitting UDSC to be burnt on the sending chain. And minting the corresponding amount of USDC on the receiving chain.

He also said that Solana will be supported in the first half of 2023, after the first launches on Ethereum and Avalanche in January. Moreover, Circle recently made a public announcement that it has started investing in the Circle Reserve Fund, a venture capital fund established in conjunction with BlackRock, the world’s biggest asset manager. Circle made the change as part of its endeavor to ensure the safety of its currency holders by removing all possible points of failure.

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