Circle Launches EURC Stablecoin On Fourth Blockchain, Solana Sees 3-Month Surge Of 260%
Portfolio Pulse from Khyathi Dalal
Circle has launched its euro-backed stablecoin, EURC, on the Solana blockchain, which is known for low-cost and fast transactions. This addition will facilitate global trading, borrowing, lending, and instant foreign exchange trading. Solana has seen a 22.5% gain in the past 30 days, contributing to a 260% surge over the last three months. EURC is also available on Avalanche, Ethereum, and Stellar blockchains. Circle's Mint will help businesses convert EUR to and from EURC smoothly, and EURC is expected to comply with the upcoming MiCA regulation in Europe.
December 18, 2023 | 9:48 pm
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NEUTRAL IMPACT
Circle's expansion of EURC onto Solana may indirectly affect USDC by strengthening Circle's overall market position, but the direct impact on USDC's price is likely neutral.
While the launch of EURC on Solana reflects positively on Circle's capabilities, it does not directly influence the value of USDC. However, the overall strengthening of Circle's position in the market could have long-term benefits for USDC.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50
POSITIVE IMPACT
Solana's blockchain now supports Circle's EURC stablecoin, which could increase its utility and demand, potentially influencing the price positively.
The integration of EURC into Solana's blockchain is likely to enhance the blockchain's utility, attracting more users and applications. This increased utility and demand could lead to a positive impact on Solana's price in the short term, especially given the recent price surge.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80