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USDC Issuer Circle to Add Solana Support for Euro Coin in 2023
The stablecoin was introduced in June and is backed by a mix of cash and European government debt.
Stablecoin issuer Circle has announced that the Solana blockchain will add support next year for euro coin (EUROC), a regulated and reserve-backed stablecoin pegged to the euro.
Circle, the issuer of USD coin (USDC), the world's second-largest stablecoin, said that the move to Solana will improve on-chain foreign-exchange functionality.
STORY CONTINUES BELOW
Euro coin was introduced in June on the Ethereum blockchain and is backed by a mix of cash and European government debt. Adoption of the coin has been slow. It has a market cap of just $80 million, compared with USDC's market cap of $42 billion. Tether's USDT, the largest stablecoin, has a market cap of $69 billion.
“A multicurrency strategy for stablecoins provides users with optionality, and multichain availability makes it easy to access liquidity,” Joao Reginatto, vice president of product at Circle, said in a press release.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
