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Circle Will Launch Its Own Euro Stablecoin on Solana in 2023

The euro-backed stablecoin will launch on Solana in the first half of 2023, Circle reported.

Source: Blockworks

The euro-backed stablecoin will launch on Solana in the first half of 2023, Circle reported.

During the Solana Breakpoint , Circle announced the launch of a euro-backed stablecoin and an inter-chain transfer protocol on Solana, according to the company's plans, the launch will take place in the first half of 2023.

You may recall that the launch of the euro-backed stablecoin was held on the Ethereum blockchain in June of this year. In a recent message, the developers stressed that the coin is fully backed by the euro and works on a similar model as the successful USDC. Circle believes that together USDC and EUROC will open up many new opportunities.

“A regulated, euro-backed stablecoin, Euro Coin is issued under the same full-reserve model and built on the same pillars of trust, transparency, and security that have made USDC one of the world’s most widely-used dollar digital currencies with over $42 billion in circulation as of November 4, 2022. Together, Euro Coin and USDC aim to bring faster, inexpensive transactions to global commerce and unlock new opportunities for multi-currency digital finance and on-chain foreign exchange (FX), where daily volume in traditional markets can top $6.6 trillion globally.”

It is not surprising that the developers decided to apply the same model to the EUROC as to the USDC. To date, USDC is the second most popular stablecoin, whose market capitalization, according to CoinMarketCap, is $43,757,601,744.

Circle's euro-backed stablecoin currently has a market capitalization of $82,866,015, which is significantly less than the capitalization of the USDC. However, if we compare the stablecoins that are focused on the euro, then according to CoinGecko, EUROC ranks third in the ranking, second only to Euro Tether and STASIS EURO. It seems that this is a very good result for a coin launched in June of this year.

Screenshot of the EUR stablecoins rating. Source: CoinGecko

At the beginning of 2023, the company is also planning to launch a Cross-Chain Transfer Protocol on Solana, this project was announced at Converge22, a crypto conference held annually by Circle. According to the company's indicators, the protocol will allow creating decentralized applications designed for trading. With this protocol, developers will also be able to create their own user-friendly interface for USDC transactions.

It's great that despite the fact that 2022 has turned out to be a difficult year for the stablecoin industry, Circle are building ambitious plans for 2023 and continue to develop their stable coins. And we will continue our observations and share the news with you.