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Stablecoin issuer Circle Internet Financial announced that its euro-backed stablecoin, EURC, known for its fast and inexpensive transactions, is now available on the Solana (SOL) blockchain network. Solana-based DeFi applications and crypto wallets such as Jupiter Exchange, Meteora, Orca, and Phoenix have declared their support for the stablecoin.
Users will be able to conduct foreign exchange transactions, trade, and engage in lending and borrowing activities at any time of the day with EURC. The expansion of EURC on the Solana network follows its applications on other blockchain networks such as Avalanche (AVAX), Ethereum (ETH), and Stellar (XLM).
Circle stated that EURC will fundamentally improve transfers between individuals in Europe and money transfer corridors. Stablecoins, which represent a $130 billion asset class, are gaining importance as a significant intermediary in the crypto asset market.
It is emphasized that stablecoins provide faster and cheaper transactions than traditional banking alternatives and are increasingly used for high-savings international money transfers. Research firm Bernstein predicts that the stablecoin volume could transform into a nearly $3 trillion market in the next five years.
Circle, the company behind USDC, the second-largest stablecoin following USDT, introduced the euro-backed stablecoin in June, supported by European government bonds and cash reserves. Following its introduction, the market value of EURC rose to $55 million, which is still quite small compared to USDC’s $24 billion and the market leader Tether‘s (USDT) $90 billion.
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