The cryptocurrency payments operator Circle will launch its Euro-backed stablecoin Euro Coin on Solana in the first half of 2023.
During a presentation at the Solana Breakpoint conference in Lisbon, Portugal, Circle’s head of engineering Marcus Boorstin noted, “there’s already a lot of enthusiasm from the ecosystem” for the launch.
He announced that FTX, a cryptocurrency exchange, will initially enable Euro Coin deposits and withdrawals on Solana. The Solana-based DeFi protocols Radium and Solend have also “announced their intent to do so as well.”
In addition to “24/7 instant FX on-chain” and “seamless Euro payments via Solana Pay,” Boorstin noted, “We’re really excited with the use cases that Euro Coin will unlock on Solana’s ultra-fast, ultra-low cost network.”
Solana is pleased with the Cross-Chain Transfer Protocol
Boorstin added that Circle’s Cross-Chain Transfer Protocol, which will first handle native transfers of its USDC stablecoin and Euro Coin “in the future,” will launch on Solana in the first half of 2023.
Cross-Chain Transfer Protocol is a permissionless infrastructure that enables USDC to move organically between supported blockchains. It operates by minting an equivalent amount of USDC on the destination chain while sending UDSC to be burned on the outgoing chain.
According to Boorstin, a wide amount of bridges, wallets, and decentralized applications (dapps) will be required to service end users and enable seamless USDC movement within the crypto ecosystem.
The Cross-Chain Transfer Protocol is expected to debut on Ethereum and Avalanche in January 2023, with support for Solana going online in the first half of the same year, he stated.