Payments firm Circle is bringing Euro Coin to the Solana blockchain and expanding its cross-chain protocol to Solana in the first half of 2023.
Circle only launched Euro Coin as a European take on its popular stablecoin USDC in June. Euro Coin works in the same way but is pegged to the euro instead of the dollar. It’s currently live on the Ethereum blockchain.
FTX will add support for the Euro Coin when it goes live on Solana, Circle said in a statement. Circle said other decentralized finance protocols have also expressed interest in supporting the stablecoin when it launches.
“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.
Circle is also planning to expand its cross-chain transfer protocol — which is yet to launch — to Solana.
This protocol was announced in September and is set to go live in the beginning of 2023 on Ethereum and Avalanche. Circle expects to bring it to Solana in the first half of 2023.
Cross-chain transfer protocol lets crypto projects transfer USDC across different blockchains. It uses versions of the stablecoin native to each chain rather than using wrapped tokens.