FTX lists Circle’s Euro Coin after launch on Solana

abdelaziz Fathi

Boston-based stablecoin issuer Circle plans to roll out its euro-pegged stablecoin on Solana (SOL) network in the first half of 2023.

solana

The move to expand native support of Euro Coin and access to new permissionless cross-chain infrastructure marks Circle’s first in a series of commitments to integrate with other blockchains, including Ethererum and Avalanche.

Sam Bankman-Fried’s crypto exchange, FTX, will be the first platform to support deposits, withdrawals, and trading of Solana-based Euro Coin at launch. Many of the largest decentralized finance (DeFi) protocols on Solana have also expressed their intent to support Euro Coin, including Raydium and Solend.

“The availability of Euro Coin on Solana unlocks new use cases for instant FX, provides optionality for traders with a new base currency, allows for Euro Coin lending and borrowing and will be available alongside USDC as a payment currency in Solana Pay. Stablecoins such as Euro Coin on fast, efficient chains with near instant settlement like Solana will be the future of banking and fintech,” said Sheraz Shere, Head of Payments at Solana Labs.

Dubbed ‘Euro Coin (EUROC),’ the asset is issued under the same full-reserve model as Circle’s USD Coin (USDC), a stablecoin pegged to the US dollar currency with more than $54 billion in circulation.

Created to satisfy euro-biased crypto enthusiasts, Circle believes that the new token can provide protection during periods of extreme volatility in the market while improving the risk and return metrics of crypto-investment portfolios.

Similar to USDC, EUROC is fiat-collateralized with each stablecoin unit is backed by a corresponding unit of Euro. Specifically, Silvergate Bank acts as the initial custodian for Euro Coin to ensure it’s always 100% backed by fiat money held in euro-denominated banking accounts.

Acting as a sort of safe haven where crypto traders can park their assets in volatile markets, EUROC is an Ethereum-based ERC-20 coin, which makes it easy for wallets, exchanges and other smart contracts to interact with the token.

Circle has been expanding the reach of the offering that is primarily focused on retail trading and investing to appeal for B2B partnerships. Currently, the crypto unicorn opens the doors of its stablecoin to businesses with a dedicated account that provides a toolbox of APIs to allow developers to build on top of USDC.

Circle is also in discussions with US regulators to become the fourth crypto-native company to score a federal trust charter through the Office of the Comptroller of the Currency (OCC).

  • Read this next

    Podcasts, Women of the Industry

    FF Podcast delves into the rise of prop trading as Brokeree releases Prop Pulse

    In the latest FinanceFeeds Podcast, Tatiana Pilipenko discusses Prop Pulse, Brokeree Solutions’ platform for prop firms and retail brokers aiming to delve into prop trading. Offering a flat fee structure, Prop Pulse emerges as a scalable solution in an era where successful traders increasingly prefer prop firms over traditional retail brokers.

    Inside View

    Scalping or day trading?

    Among the many popular trading styles with both beginners and experienced traders are scalping, which allows you to extract small portions of profit from each price movement, and day trading, which aims to trade over a single day. In this article, you will learn what scalping and day trading are and their differences and peculiarities. Ultimately, you will learn what to look for to understand which trading style is right for you.

    Crypto Insider

    Unveiling Plasma Next: INTMAX’s Solution to Scale Ethereum with Stateless Layer

     INTMAX has launched Plasma Next on the mainnet α, a groundbreaking Layer 2 zkRollup, revealed by co-founder Leona Hioki at ETH Denver. This innovation offers scalability with constant costs per block, merging Plasma’s scalability goals with zkRollups’ security.

    Fintech

    Nuam selects Vermiculus for clearing system in Chile, Colombia, and Peru

    “We are proud to deliver a system that plays an integral role in the core of this historical merger, empowering one of Latin America’s most crucial markets with VeriClear’s state-of-the-art technology, together with our deep market expertise.”

    Retail FX

    Moomoo launches super app in Malaysia

    “As an investment platform connecting 21 million retail investors globally, we envision collaborating with exchanges, regulatory bodies, and partners in the visible future to become the gateway, connecting Malaysia’s investment products to global capital and investors.”

    Executive Moves

    FXPA elects Joe Hoffman as new Chair in its 10th anniversary

    “The opportunity to serve as Chair of the FXPA is truly an honor, and I am committed to upholding the exceptional work of a FXPA. Given the recent market fluctuations due to global tensions, inflationary pressures, shifts in monetary policy, as well as the outcome of the US election and the risk of recession, brings the potential for more FX volatility in 2024. I am dedicated to expanding the FXPA’s membership and I’m excited about collaborating with all members to echo the unified voice of the FX market.”

    Market News

    Eurozone Fights Stagnation Whilst Stock Indices Rally

    European stock markets are defying economic gloom as they continue to soar to all-time highs, showcasing resilience amidst broader economic challenges.

    Web3

    Lisk Partners with Indonesia’s Communications Ministry to Boost Web3 Startup Ecosystem

    Discover the strategic partnership between Lisk and the Indonesian Ministry of Communications and Informatics, aimed at propelling local Web3 startups to new heights through comprehensive support and education.

    Executive Moves

    Admirals appoints founder Alexander Tsikhilov as CEO

    “Striking the right balance between sourcing new talent and developing and harnessing the strength and capabilities of our current workforce, is key to achieving our vision.”

    <