Crypto payments firm Circle to launch its euro-backed stablecoin euro coin on Solana in the first half of 2023.
During a presentation at the Solana Breakpoint conference in Lisbon, Portugal, Circle engineering director Marcus Boorstin said that “there is already a lot of enthusiasm from the ecosystem” for the start.
He announced that the crypto exchange FTX will support Euro Coin deposits and withdrawals on Solana at launch. Also, based in Solana Challenge Radium and Solend have “announced their intention to do so as well”.
“We’re really excited about the use cases Euro Coin will unlock on Solana’s ultra-fast, ultra-low-cost network,” Boorstin said, with those use cases including “24/7 instant FX on-chain “, as well as “transparent payments in euros with Solana Pay.”
Cross-Chain Transfer Protocol is coming to Solana
Boorstin also revealed that Circle’s Cross-Chain Transfer Protocol will launch on Solana in the first half of 2023, initially supporting transfers native to its USDC stablecoin, and extending to Euro Coin “at a later date”.
The Inter-Chain Transfer Protocol is a permissionless infrastructure that allows USDC to natively move across supported blockchains. It works by sending UDSC on the outgoing string to be burned, while hitting the equivalent amount of USDC on the destination string.
“We expect a wide range of bridges, wallets and dapps of all types to serve end users and facilitate the seamless movement of USDC across the crypto ecosystem,” Boorstin said.
He added that the cross-chain transfer protocol is expected to launch on Ethereum and avalanche in January 2023, with Solana support to be activated in the first half of the year.
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