Circle to Bring Euro Coin to Solana in Early 2023, SOL Price Down 9%

UTC by Steve Muchoki · 3 min read
Circle to Bring Euro Coin to Solana in Early 2023, SOL Price Down 9%
Photo: Unsplash

In addition to launching Euro Coin on Solana, Circle announced plans to extend its permissionless cross-chain infrastructure, Cross-Chain Transfer Protocol, on the Sol network by next year.

The Solana (SOL) network is readying to onboard Euro Coin (EUROC) by Circle in the first half of 2023. According to a press release issued by Circle during the Solana Breakpoint event, FTX will be the first cryptocurrency exchange to list Solana-based Euro Coin at launch. Additionally, several Solana-based protocols, including Raydium and Solend, have pledged to support the Euro Coin at launch.

The Solana (SOL) coin has, however, dropped approximately 9 percent during the early Asian trading session on Monday to exchange around $32.32. Further, the SOL coin has lost approximately 87 percent of its value in the past year, according to market data provided by Coingecko.

“The availability of Euro Coin on Solana unlocks new use cases for instant FX, provides optionality for traders with a new base currency, allows for Euro Coin lending and borrowing, and will be available alongside USDC as a payment currency in Solana Pay,” said Sheraz Shere, head of payments at Solana Labs.

The Solana ecosystem is onboarding institutional investors and retail traders at a striking rate compared to competitor blockchains. Nonetheless, multichain capabilities have been vouched as the future of blockchain technology.

Circle’s Euro Coin on Solana Network

In addition to launching Euro Coin on Solana, Circle announced plans to extend its permissionless cross-chain infrastructure, Cross-Chain Transfer Protocol, on the Sol network by next year.

Launched earlier this year, Circles Euro Coin and Cross-Chain Transfer Protocol are expected to be integrated with other blockchains, including Ethererum and Avalanche, in the near future. Moreover, competitor stablecoins like Tether USDT are available on several chains, including Ethererum, Tron, and Binance, among others.

Notably, Circle is heavily backed by institutional investors, including BlackRock. Thus extending its robust network to the Solana ecosystem, which has experienced astronomical gains since its inception.

The USDC and Euro Coin market has significantly gained popularity among cryptocurrency traders. Both USDC and Euro Coin are backed by respective fiat currencies at a ratio of 1:1, hence liquidatable at will. Reportedly, Circle’s USDC has a circulating supply of over $42 billion as of November.

The stablecoins sector is a critical market supporting the cryptocurrency industry. Furthermore, they help traders take shelter during extreme crypto volatility.

Global regulators have supported the stablecoin market as they do further research on CBDCs. Moreover, stablecoins significantly accelerate most governments’ ability to develop a highly interoperable digital currency.

Solana has technical advantages over its competitors, including the ability to process 700,000 transactions per second. As a result, any DeFi protocol developing or integrating its infrastructure with Solana is assured of high throughput.

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Steve Muchoki

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