Circle’s euro-backed stablecoin, EURC will now be available on Solana for real-time, global payments and all-time available instant foreign exchange trading.
What Happened: The Solana SOL/USD blockchain has now added Circle’s USDC/USD euro-backed stablecoin EURC amid the former’s low-cost, faster transactions supporting multiple ecosystem applications.
The platform will open doors to global trading, borrowing, and lending with EURC and also instant foreign exchange trading.
The Solana-based DeFi apps and digital wallets which include Jupiter Exchange, Meteora, Orca, and Phoenix have all added support for the stablecoin.
EURC has already expanded implementations on the Avalanche (AVAX), Ethereum (ETH), and Stellar (XLM) blockchains.
Circle stated, “EURC is well positioned to radically enhance utility across peer-to-peer transfers and European remittance corridors.”
Price Action: Solana in the past 30-day trading session has witnessed 22.5% gains, taking its last three months surge to 259%.
Also Read: Circle Stablecoin Success: Could It Be Paving The Way For A Publicly Traded Empire?
Why It Matters: Circle’s Mint institutional grade on and off-ramps will assist businesses in the smooth conversion of EUR to and from EURC.
It will also enable to, “tap into applications in the Solana ecosystem for always-on foreign exchange and financial services, as well as near-zero cost payments.”
EURC is expected to attain the complete MiCA confirmation as the use of an e-money token when the European regulation is in place. With this, applications, developers, and users of EURC on Solana will benefit from the highest standards of trust, transparency, and reliability.
Read Next: Circle Faces Fresh Accusations By CFA, CCTP Used For Illicit Finance Through Tron
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