Circle plans to introduce Euro Coin (EUROC) and Cross-Chain Transfer Protocol on Solana in the first half of 2023.
FTX and various DeFi protocols have also added support.
The price of SOL has dropped by 12% and is currently trading at $31.27.
Circle, a global digital fintech company and USDC issuer, offered significant support for Solana in a Nov. 6 tweet. Circle announced the expansion of the Euro Coin as well as its new permissionless cross-chain infrastructure on Solana in the first half of 2023 at the Solana Breakpoint event.
Circle expands on Solana
In June, Circle debuted Euro Coin (EUROC), a fully-reserved, euro-pegged stablecoin. The stablecoin now runs on the Ethereum blockchain, similar to USDC, and Solana (SOL) would now fall under the same roof.
According to Sheraz Shere, Head of Payments at Solana Labs, the availability of Euro Coin on Solana opens up new use cases for instant foreign exchange (FX). It provides traders with a new base currency, enables Euro Coin lending and borrowing, and will be available alongside USDC as a payment currency in Solana Pay.
As a result, new prospects for multi-currency digital finance and on-chain FX have emerged.
FTX, one of the most renowned digital asset exchanges, will initially support the Euro Coin on Solana. Other decentralised protocols, such as Raydium and Solend, have also contributed their support.
Circle also plans to expand its Cross-Chain Transfer Protocol on Solana. The permissionless cross-chain framework was announced in September of this year, but it has yet to be implemented.
It is scheduled to go live on Ethereum (ETH) and Avalanche (AVAX) in early 2023, followed by Solana in the first half of 2023.
The protocol enables developers and cryptocurrency projects to move USDC across several blockchains.
SOL price gets knocked back
These advances would enhance the Solana ecosystem, but what about the value of SOL, the native asset? On November 5, Google Cloud announced that it would become a Solana validator.
Following the announcement, the SOL price increased by almost 15%, bringing it closer to $40. However, at the time of writing, SOL suffered a 12% correction and was trading at $31.27.
Despite positive support for the ecosystem, SOL has a long way to go considering its past challenges.
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