[NEWS] Circle's euro stablecoin "EURC" now supports the Solana blockchain

On the 18th, Circle announced that its euro-denominated stablecoin "EURC" is now available on the Solana blockchain network.

Circle issued EUR Coin (EURC) in June last year as a stablecoin backed 1:1 by the euro, similar to the dollar-backed stablecoin USD Coin (USDC). According to CoinMarketCap, the market capitalization of EUR Coin is over $56 million (approximately 8 billion yen).

1 EUR Coin can be exchanged for 1 euro in real time. Until now, it was compatible with Ethereum (ETH), Avalanche (AVAX), and Stellar (XLM), and could be issued and managed on the same network, but now it is compatible with Solana.

In addition, EUR Coin is said to be compliant with MiCA, a comprehensive regulation of crypto assets in Europe, and can be used as electronic money.

"Users can safely save in euros without needing a traditional bank account, making it a powerful tool for those who want to protect themselves from the risks of fiat currency fluctuations and devaluation," said Rachel Mayer, vice president of product management at Circle, in a statement.

Multiple dApps and wallets support

DApps and cryptocurrency wallets on Solana that can now use EUR coins include Jupiter Exchange, Meteora, and Orca, and cryptocurrency exchange Phoenix is ​​also starting to support it.

Jupiter Exchange is one of the most important projects using the Solana blockchain, with trading volume reaching nearly $1 billion in October.

Ming Ng, co-founder of Jupiter Exchange, said, "We are pleased to provide centralized access to EUR coins and contribute to on-chain euro liquidity."

Solana is one of the stocks that has seen a notable price increase this year, and at the time of writing, it is trading at around $75 (approximately 10,800 yen). According to CoinMarketCap, it has risen 515% since the beginning of the year. The factors behind the increase include improvements to the network, various application developers such as DeFi, NFT, and blockchain games, and increased interest from speculators.

Reference:Announcement
Image: Quoted from the announcement

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