Circle Issues Euro-Backed Stablecoin EURC Natively on Solana Blockchain
Circle said it intends for EURC to become a regulated electronic money token under the upcoming EU digital assets regulations.
The company said it intends EURC to become an electronic money token regulated under EU regulations.
Stablecoin issuer Circle Internet Financial said its euro-backed EURC stablecoin is active on the Solana (SOL) blockchain, which is known for its cheap, fast transactions and support for a wide range of ecosystem applications.
Decentralized finance (DeFi) applications and Solana-based digital wallets including Jupiter Exchange, Meteora, Orca, and Phoenix have added support for stablecoins, allowing users to make foreign exchange transactions,
EURC is well positioned to radically increase utility across Europe's peer-to-peer transfer and remittance corridors,” Circle said Monday.
The $130 billion asset class STABLECOINS, are a key part of the plumbing in the digital asset market, serving as a bridge between government-issued fiat money and the cryptocurrencies that power trade and transactions on blockchain networks. Banks are also increasingly used for savings in developing countries with fragile financial systems and for remittances between countries, offering faster and cheaper transactions than traditional banking alternatives.
Research firm Bernstein estimated earlier this year that stablecoins had the potential to grow into a nearly $3 trillion market in the next five years as global financial and consumer platforms leverage tokens on public blockchains to power exchanges of value.
