USDC Issuer Circle to Add Solana Support for Euro Coin in 2023

The stablecoin was introduced in June and is backed by a mix of cash and European government debt.

By Oliver Knight

Nov 7, 2022 at 10:17 a.m. UTC

Updated Nov 7, 2022 at 3:54 p.m. UTC

Circle Chief Strategy Officer Dante Disparte (left) and Chief Executive Officer Jeremy Allaire (Nikhilesh De/CoinDesk) — Circle Chief Strategy Officer Dante Disparte (left) and CEO Jeremy Allaire (Nikhilesh De/CoinDesk)

Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

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Stablecoin issuer Circle has announced that the Solana blockchain will add support next year for euro coin (EUROC), a regulated and reserve-backed stablecoin pegged to the euro.

Circle, the issuer of USD coin (USDC), the world's second-largest stablecoin, said that the move to Solana will improve on-chain foreign-exchange functionality.

Euro coin was introduced in June on the Ethereum blockchain and is backed by a mix of cash and European government debt. Adoption of the coin has been slow. It has a market cap of just $80 million, compared with USDC's market cap of $42 billion. Tether's USDT, the largest stablecoin, has a market cap of $69 billion.

“A multicurrency strategy for stablecoins provides users with optionality, and multichain availability makes it easy to access liquidity,” Joao Reginatto, vice president of product at Circle, said in a press release.

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