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 the Euro.

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

Currently, the company wants to expand work on the Euro stablecoin to operate on the Solana blockchain by the first quarter of 2023.

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

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

Euro is available as payment currency in Solana Pay along with USDC.

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

In addition, Solana-based DeFi protocols Raydium and Solena have also shown interest in supporting the stablecoin after its launch, Circle said.

Apart from the euro currency, Circle Solana will launch another project on the blockchain, a network transfer protocol announced in early September.

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

The Network Transfer Protocol allows basic transfers of USDC across different blockchains instead of using encapsulated cryptocurrencies.

The interoperability platform plans to support the Wormhole Blockchain Transport Protocol once it goes live on the Solana blockchain.

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

Also read:

BitMEX Co-Founder: CBDC Launch Could Destroy Bitcoin

FTX CEO Responds to Binance’s Latest Cryptocurrency FTT Sale