Popular crypto payments company, Circle is set to launch a Euro-backed stablecoin called Euro Coin on Solana. The project is set to launch in the first half of 2023.
Circle’s director of engineering, Marcus Boorstin who spoke at the Solana Breakpoint conference in Lisbon, Portugal, said there is a lot of enthusiasm from the ecosystem concerning the launch.
He added that crypto exchange FTX will facilitate deposits and withdrawals of Euro Coin on Solana at the launch. Also, Solana-based DeFi protocols Solend and Radium have also disclosed they will facilitate deposit and withdrawal.
Boorstin said, “We’re really excited with the use cases that Euro Coin will unlock on Solana’s ultra-fast, ultra-low cost network, including 24/7 instant FX on-chain, as well as seamless payments in Euros with Solana Pay.”
A tweet by Circle read, “On stage at #SolanaBreakpoint we announced the expansion of native support for Euro Coin and developer access to our Cross-Chain Transfer Protocol on @Solana in the first half of 2023.
Boorstin further disclosed that Circle’s Cross-Chain Transfer Protocol will launch on Solana in Q1 2023. The project will initially support the transfer of the native USDC stablecoin before extending it to Euro Coin later on.
The cross-chain is a permissionless infrastructure that enables USDC to move across supported blockchains. The protocol works by sending USDC on the outgoing chain to be burned while minting the equivalent amount of USDC on the destination chain.