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Circle is preparing to launch a stablecoin based on the euro and working on the Solana blockchain

Circle is preparing to launch a stablecoin based on the euro and working on the Solana blockchain

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Answer Circle is preparing to launch a stablecoin based on the euro and working on the Solana blockchain

USDC-based stablecoin Circle is set to expand its protocol and launch a euro-based stablecoin running on the Solana blockchain in the first half of 2023.

Circle Euro Coin is a stable digital currency backed by Euro.

Circle has previously issued a stablecoin pegged to the euro but runs on the Ethereum blockchain.

Currently, the company would like to expand the work of the euro stablecoin to run on the Solana blockchain by the first quarter of 2023.

According to Shiraz Sher, Head of Payments at Solana Labs:

The launch of the euro currency on Solana creates new use cases for spot foreign currencies, choosing a layout for traders with a new base currency, as well as allowing the lending and borrowing of the euro currency on the blockchain.

Read:On the occasion of joining FC Barcelona, ​​the Binance platform offers prizes of $100,000 in CHZ

The Euro will be available along with USDC as the payment currency in Solana Pay.

Trading platforms such as FTX will add support deposits, withdrawals, and Euro currency trading when they are published on Solana.

In addition, Solana-based DeFi protocols such as Raydium and Solena also showed interest in supporting the stablecoin upon launch, according to Circle.

Apart from the euro currency, Circle will also launch another project on the Solana blockchain which is the Network Transfer Protocol which was announced at the beginning of September.

The protocol will go live in early 2023 on Ethereum and Avalanche, and then expand to Solana in the first half of 2023.

The Network Transfer Protocol allows the original transfer of USDC over different blockchains instead of using encapsulated cryptocurrencies.

Interoperability platform Wormhole plans to support the implementation of the blockchain transport protocol once it goes live on the Solana blockchain.

Read:Binance Adds Ex-Brazilian Central Bank Governor to Its Advisory Board

Speaking of Circle, the company recently revealed that it has created a new reserve fund called Circle Reserve Fund with BlackRock to help manage its stablecoin reserves.

Read also:

BitMEX Co-Founder: CBDC Launch Could Destroy Bitcoin

FTX CEO Reacts to Binance’s Recent Sale of Cryptocurrency FTT


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