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Circle launches Euro-backed EURC on Solana Blockchain

Circle launches Euro-backed EURC on Solana Blockchain

Circle, the global fintech firm behind the leading USD stablecoin USDC, has launched its euro-backed stablecoin, EURC, on the Solana blockchain. This integration expands EURC’s reach beyond its existing presence on Avalanche, Ethereum, and Stellar, offering developers and users faster, cheaper ways to send, spend, and save euros worldwide.

Similar to USDC, EURC is a fully-reserved, 1:1 euro-backed stablecoin, ensuring users can seamlessly redeem their digital euros for physical euros at any time. This stability, coupled with Solana’s high-speed, low-cost transaction processing, opens up numerous possibilities for EURC adoption, particularly in peer-to-peer transfers and European remittance corridors.

Circle’s institutional-grade on-and-off ramps through Circle Mint will allow businesses to easily convert euros to and from EURC, unlocking access to the thriving Solana ecosystem for real-time forex and financial services, alongside near-zero-cost payments.

“The launch of EURC on Solana marks a significant step towards a more efficient, inclusive and user-centric financial ecosystem,” said Rachel Mayer, Circle’s VP of Product Management. “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.”

At launch, several prominent DeFi applications and digital wallets, including Jupiter Exchange, Meteora, Orca, Raydium, and Phoenix, announced to integrate EURC, offering users instant forex, trading, borrowing, and lending opportunities with the stablecoin.

With plans for EURC to achieve full MiCA compliance as an e-money token under the upcoming European regulatory framework, users can expect the highest levels of trust, transparency, and reliability when utilizing the stablecoin on Solana.

As Circle continues its global expansion, the launch of EURC on Solana marks a significant step towards building a more efficient, inclusive, and user-centric financial system. By leveraging the power of blockchain technology and stablecoins, Circle empowers individuals and businesses alike to take control of their finances and participate in the evolving global digital economy.

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