Circle, a global financial technology company, announced the launch of EURC on the Solana network.
As a leading regulated dollar stablecoin issuer, Circle’s expansion of EURC to Solana, now the fourth blockchain to support it natively, is poised to enhance its utility in peer-to-peer transfers and European remittance corridors.
EURC, a fiat-backed stablecoin, operates on a fully-held model, guaranteeing a 1:1 redeemable value against the euro. This launch allows developers and users to join EURC and USDC on Solana (SOL), providing global remittance and financial transaction options.
Circle Mint’s on-ramp and on-ramp allow businesses to convert EUR to EURC and access foreign exchange and financial services applications in the Solana ecosystem. Circle aims to demonstrate its commitment by achieving full MiCA conformance for EURC developers and users on Solana.
Rachel Mayer, Vice President of Product Management at Circle, highlighted the potential for users to save safely in euros without a traditional bank account, providing a valuable tool to hedge against local currency volatility.
Major DeFi applications such as Jupiter Exchange, Meteora, Orca, Raydium, and Phoenix are already set up to leverage EURC on Solana for instant forex, trading, borrowing, and lending 24 hours a day, 7 days a week. Jupiter co-founder Ming Ng added that he was excited about providing integrated access to the EURC, contributing deeply to euro liquidity on-chain.
Solana developers can now integrate EURC using the open source, permissionless protocol described in the developer documentation.