The Leading Euro-Backed Digital Currency is Now Available on Solana, Enabling Real-Time, Global Payments and 24/7 FX
BOSTON, December 18 2023 - Circle, a global financial technology firm and the issuer of USDC, the leading regulated dollar stablecoin, has today announced the launch of EURC on the Solana network. Like USDC, EURC is a fiat-backed stablecoin and always redeemable 1:1 for euro under a full-reserve model. As the leading euro-backed stablecoin, EURC is well positioned to radically enhance utility across peer-to-peer transfers and European remittance corridors. With this launch, Solana is now the fourth blockchain where EURC is natively available - alongside Avalanche, Ethereum and Stellar.
Developers and users can now build and transact across both EURC and USDC on Solana for faster, lower-cost ways to send, spend and save money worldwide. With Circle Mint's institutional-grade on and off-ramps, businesses can effortlessly convert EUR to and from EURC, and tap into applications in the Solana ecosystem for always-on foreign exchange and financial services, as well as near-zero cost payments.
With plans for EURC to achieve full MiCA conformity as an e-money token when the new European regime enters into application, developers and users of EURC on Solana can continue to expect the highest standards of trust, and transparency and reliability.
"The launch of EURC on Solana marks a significant step towards a more efficient, inclusive and user-centric financial ecosystem. Users will also be able to securely hold savings in euro without the need for a traditional bank account - offering a powerful tool for those looking to safeguard against local currency volatility or devaluation risks that afflict numerous regions globally," said Rachel Mayer, Circle’s VP of Product Management.
At launch, a diverse set of DeFi applications and digital wallets are already primed to tap into EURC on Solana for a variety of use cases. Apps including Jupiter Exchange, Meteora, Orca, Raydium and Phoenix are set to enable 24/7 instant FX, trading, borrowing and lending with EURC for their users.
“We’re excited to support Circle’s EURC on Solana and usher in an era of deep euro liquidity on-chain. In addition to USDC, Jupiter will now provide simple, aggregated access to EURC for both users as well as leading wallets, exchanges, GameFi apps, and NFT platforms across the Solana ecosystem,” said Ming Ng, Co-founder at Jupiter.
Solana developers can start integrating EURC with our developer docs – EURC is an open-source, permissionless protocol that anyone can build on.
Circle Mint and money transmission services are provided by Circle Internet Financial, LLC. Circle Internet Financial, LLC, NMLS # 1201441, is a licensed provider of money transmission services. A full list of Circle’s licenses can be found here.
Circle is not a bank; Circle Mint is not a bank account, and any funds are not insured by the Federal Deposit Insurance Corporation, the Securities Investor Protection Corporation or by any US or foreign government agency, insurance fund, person or entity.