Crypto funds firm Circle will launch its Euro-backed stablecoin Euro Coin on Solana within the first half of 2023.
Throughout a presentation on the Solana Breakpoint convention in Lisbon, Portugal, Circle director of engineering Marcus Boorstin stated that “there’s already lots of enthusiasm from the ecosystem” for the launch.
He introduced that crypto trade FTX will assist deposits and withdrawals of Euro Coin on Solana at launch. As well as, Solana-based DeFi protocols Radium and Solend have “introduced their intent to take action as properly.”
“We’re actually excited with the use instances that Euro Coin will unlock on Solana’s ultra-fast, ultra-low value community,” Boorstin stated, with these use instances together with “24/7 immediate FX on-chain,” in addition to “seamless funds in Euros with Solana Pay.”
Cross-Chain Switch Protocol involves Solana
Boorstin additionally revealed that Circle’s Cross-Chain Switch Protocol will launch on Solana within the first half of 2023, initially supporting native transfers of its USDC stablecoin, and lengthening to Euro Coin “at a later date.”
The Cross-Chain Switch Protocol is a permissionless infrastructure that allows USDC to maneuver natively throughout supported blockchains. It really works by sending UDSC on the outgoing chain to be burned, whereas minting the equal quantity of USDC on the vacation spot chain.
“We anticipate a variety of bridges, wallets and dapps of every kind to serve finish customers and facilitate seamless motion of USDC all through the crypto ecosystem,” Boorstin stated.
He added that the Cross-Chain Switch Protocol is predicted to launch on Ethereum and Avalanche in January 2023, with Solana assist to be enabled within the first half of the 12 months.
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