USD coin issuer and digital monetary expertise agency Circle is now set to develop its Euro Coin and cross-chain switch protocol to the Solana ecosystem within the first half of 2023.

The Euro Coin is a euro-backed stablecoin issued by Circle in June. In contrast to its counterpart, the USDC coin, which is pegged to {dollars}, the Euro Coin is pegged to the euro. Presently, the euro coin is lively on the Ethereum blockchain, and by Q1 2023 it’s going to even be lively on the Solana blockchain.

In accordance with Sheraz Shere, Head of Funds at Solana Labs, the launch of the euro coin at Solana creates new use instances for fast FX, design optionality for retailers with a brand new base foreign money, and allows borrowing and borrowing of euro cash. on a blockchain. Euro foreign money will probably be out there alongside USDC as a cost foreign money in Solana Pay.

Exchanges like FTX will add Euro Coin assist deposits, withdrawals and buying and selling when it goes dwell on Solana. Moreover, Solana-based DeFi (decentralized finance) protocols like Raydium and Solena have additionally proven curiosity in supporting the stablecoin when it launches, in accordance with Circle.

Additionally, along with Euro Coin, one other mission that Circle will launch on the Solana blockchain is its cross-chain switch protocol, which was initially introduced in September. The protocol would go dwell in early 2023 on Ethereum and Avalanche, then develop to Solana within the first half of 2023.

The cross-chain switch protocol allows the native switch of USDC throughout totally different blockchains as a substitute of utilizing wrapped tokens. The Wormhole interoperability platform plans to assist the implementation of the cross-chain switch protocol as soon as it’s dwell on the Solana blockchain.

Talking of Circle, the agency just lately revealed that it has set up a brand new reserve fund dubbed the Circle Reserve Funds with black rock to assist handle your stablecoin reserves.

Picture Supply: Shutterstock

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