Circle has launched its euro-backed stablecoin, Euro Coin (EURC), on Solana, a blockchain known for its extremely fast transaction speeds and low fees. Solana is the fourth blockchain where EURC is available, following Avalanche, Ethereum and Stellar. Users have minted the equivalent of about €518,577 (or $566,143) of EURC on Solana since it went live earlier today. 

Circle, which is also the issuer of the second-largest stablecoin USD Coin (USDC), launched EURC in June 2022. While USDC is pegged to the dollar, EURC is pegged one-to-one to the euro under a full-reserve model that’s backed by a mixture of cash and European government debt. The market capitalization of EURC has grown to more than $56 million, according to CoinMarketCap data.

Solana developers and users can now build and transact across both EURC and USDC for faster, cheaper ways to transfer, spend and save money, Circle said in its announcement. Decentralized finance (DeFi) applications and digital wallets on Solana that can now use EURC include liquidity aggregator Jupiter Exchange, DeFi infrastructure provider Meteora, and crypto marketplace Orca, which can all enable instant forex, trading, borrowing and lending for their users.

“The launch of EURC on Solana marks a significant step towards a more efficient, inclusive and user-centric financial ecosystem,” said Rachel Mayer, Circle’s vice president of product management, in the announcement post. 

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Solana is the fourth-largest blockchain, ranked by total value locked (TVL), with about $1.1 billion in value, according to CoinGecko rankings. The native Solana (SOL) token has rallied this year, trading up a whopping 629% to the current $71.62. The rally was driven by a combination of network improvements, the chain’s diverse range of applications including DeFi, non-fungible tokens (NFTs) and gaming, as well as active interest among derivatives traders.