Solana recently announced the addition of EURC to its network. Pegged 1:1 with the Euro, EURC is a stablecoin similar to USDC.
Circle, the global technology firm behind USDC, also launched the fiat-backed stablecoin. EURC will remain 1:1 redeemable against the Euro in a full-reserve model. The stablecoin is positioned to enhance utility throughout P2P transfers amid European remittance corridors.
The launch has made Solana the fourth blockchain to offer EURC natively. The network has joined the likes of Stellar, Avalanche, and Ethereum. With this addition, users and developers can now transact and build across USDC and EURC on Solana.
It will unlock cost-efficient and quick ways to spend, save, and send money globally. Circle Mint’s off-and-on-ramps technology will also help businesses convert EUR to and from EURC.
It will assist users in tapping into apps within the Solana ecosystem for financial services and foreign exchange. Moreover, the services will be readily available at near-zero cost.
Circle plans on EURC gaining complete MiCA conformity as an e-money token. It will allow EURC users and developers on Solana to enjoy the highest standards of transparency, reliability, and trust.
Rachel Mayer, VP of Product Management at Circle, talked about the recent development. As per Mayer, EURC’s launch on Solana marks a massive step toward an efficient, user-centric, and inclusive financial ecosystem.
The development will help users safely hold their savings in euros without needing a bank account. Moreover, it will offer a powerful tool for users looking to safeguard against devaluation risks and local currency volatility that affect regions worldwide, added Mayer.
Several wallets and DeFi apps on Solana support EURC for a variety of use cases. Phoenix, Raydium, Orca, Jupiter Exchange, and Meteora are enabling 24/7 instant FX, lending, borrowing, and trading with EURC.
Given the status EURC has built at launch, the stablecoin is sure to meet the standard of USDC across the market.