The Solana Breakpoint conference is going on in Lisbon city of Portugal. It started from 4th November 2022 and is going to last till 7th November 2022. The event has recently witnessed an announcement, enough to intrigue USD Coin (USDC) as well as Solana (SOL) proponents. Both entities were in the news lately following the announcement of stablecoin’s transfer to the blockchain network.
On 6th November 2022, it was announced that the prominent crypto payments company and issuer of USDC stablecoin, Circle, is going to launch its another stablecoin. The Euro Coin stablecoin would be backed by Euro and it will be launching on Solana blockchain by the first half of next year.
FTX, Radium and Solend—Early Supporters of Euro Coin
Marcus Boorstin, director of engineering at Circle was speaking at the conference and he stated that the ecosystem is already witnessing quite enthusiasm prior to the launch. He also announced the Solana based upcoming Euro Coin will be available on Bahamian crypto exchange FTX for deposits and withdrawal operations.
Moreover, native decentralized finance (defi) protocols of Solana network—Radium and Solend—were also said to add support for Euro Coin.
Boorstin further shared his excitement around the Euro Coin that it will help in making way for use of the ultra-fast and super cheap blockchain network of Solana. This will be available for instant deposits and withdrawal with FX on-chain and making frictionless payments in Euros using Solana Pay.
Cross-Chain Transfer Protocol is on theWay
In addition, Circle’s engineering director also said that the launch of Cross-Chain Transfer Protocol of Circle on Solana to take place within the first six months of 2023. This will facilitate the transfer of native stablecoin USDC first and then it will further include Euro Coin stablecoin in upcoming time.
The permissionless infrastructure of Cross-Chain Transfer Protocol would enable USDC to move across the blockchains. It sends USDC on the outgoing chain intending to burn it along with this mints the same amount of stablecoin on the chain set to be destined.
Boorstin expects a wide range of crypto wallets, bridges and decentralized applications to come in all types intending to serve the end requirements of users while facilitating frictionless transfer of USDC across the overall crypto ecosystem.
Ethereum and Avalanche are expected to facilitate the launch of Cross-Chain Transfer Protocol in early 2023 while Solana will be adding its support in later months.
Source: https://www.thecoinrepublic.com/2022/11/07/solana-will-host-the-euro-coin-stablecoin-of-circle/