Circle Internet Financial announced the launch of its euro-backed EURC stablecoin on the Solana blockchain. This expansion of the stablecoin to Solana, the fourth blockchain to support it natively, aims to improve the utility of peer-to-peer transfers and European transfer corridors. The EURC stablecoin operates under a full-reserve model, ensuring a 1:1 redemption value for the euro. It enables faster and cheaper cross-border transactions than traditional methods.
The EURC stablecoin on Solana
Decentralized finance (DeFi) applications and Solana-based digital wallets, such as Jupiter Exchange, Meteora, Orca, and Phoenix, have added support for the stablecoin, allowing users to conduct foreign exchange, trading, borrowing, and lending transactions with the stablecoin 24 hours a day. Circle plans to make EURC a regulated electronic money token in accordance with European Union regulations.
Circle Internet Financial deployed its EURC
stablecoin on the Solana blockchain to enhance foreign exchange transactions and remittances. The company stated that EURC is expected to be an electronic money token regulated under European Union frameworks. The euro-backed EURC stablecoin is now available on the Solana blockchain, known for its fast, low-cost transactions and support for several ecosystem applications.
Decentralized finance (DeFi) applications and Solana-based digital wallets, such as Jupiter Exchange, Meteora, Orca, and Phoenix, have added support for the stablecoin, allowing users to carry out foreign exchange, trading, borrowing, and lending transactions with the stablecoin 24 hours a day.
A euro-backed stablecoin
The EURC stablecoin operates under a full-reserve model, guaranteeing a 1:1 value of the euro. It enables faster and cheaper cross-border transactions compared to traditional methods. Circle plans to make EURC a regulated electronic money token under European Union regulations.
The expansion of the stablecoin to Solana
The EURC stablecoin is now available on the Solana blockchain, the fourth blockchain to support it natively. Decentralized finance (DeFi) applications and Solana-based digital wallets, such as Jupiter Exchange, Meteora, Orca, and Phoenix, have added support for the stablecoin, enabling users to perform foreign exchange, trading, borrowing, and lending transactions with the stablecoin 24 hours a day.
