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

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

Circle, known for issuing the second-largest stablecoin, USD Coin (USDC), 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 mixture of cash and European government debt. Adoption of the coin has been slow since, with a market cap of just $80 million. USDC, in contrast, has a market cap of $42 billion. The largest stablecoin, Tether's USDT, 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,” said Joao Reginatto, VP of product at Circle.