After successful releases on Ethereum (ETH), Polygon (MATIC), Arbitrum One (ARB) and Avalanche (AVAX), the pioneering EU-regulated stablecoin on the euro expands to Solana (SOL) and receives feature-rich fiat integration with a retail payments app.
First euro-pegged stablecoin debuts on Solana (SOL)
EUROe, a MiCA-compliant euro stablecoin, expands to Solana (SOL), the fourth-largest smart contracts platform on Web3. This was announced in a statement by Membrana Finance, a Finland-based start-up behind the development of the EUROe and related digital assets solutions.
Membrane Finance brings the first euro stablecoin to Solana – along with card payments!— EUROe (@EUROemoney) August 23, 2023
Today @solana goes multi-currency as fully-backed & compliant euros land on the high performance & low fee blockchain.https://t.co/k8u8X4Mxtb
As with versions on other blockchains, Solana-based EUROe can be created and redeemed in a 1:1 ratio with zero fees. EUROe is backed by a basket of 100% bankruptcy-protected cash and 2% CET1 equity capital in EU-regulated financial and banking entities.
Patrik Elias Johansson, compliance officer of Membrane Finance, stresses the importance of the release on Solana (SOL) for the progress of stablecoin payments and regulatory compliant digital assets:
MiCA brings a new level of accountability and consumer protection to the crypto asset sector, and we believe that due to the EUROe integration, Solana has now become an extremely competitive contender for an increasing number of blockchain-based applications. Businesses that were previously unable to build on Solana due to regulatory, accounting or legal uncertainty can now re-consider it as a viable option.
As covered by U.Today previously, EUROe stablecoin was introduced in December 2022 as a regulatory-compliant alternative to mainstream USD-pegged stable cryptocurrencies.
EUROe receives fiat payments instrument
Also, starting from mid-August 2023, EUROe is integrated into Wirex digital transfers application. As such, EUROe is now accepted by 40+ million merchants across over 200 countries globally.
Furthermore, within the application, EUROe can be instantly exchanged for 100+ world currencies. Pavel Matveev, CEO and co-founder of Wirex, is excited by the speed and flexibility of Solana (SOL) blockchain:
With the EUROe available within the Wirex app, it ensures that their users have the flexibility to manage their finances. Introducing EUROe support on Solana, Wirex not only simplifies complexities but also reshapes the future of financial interactions.
As demonstrated by CoinMarketCap tracker, EUROe has 1,001,000 coins in total supply. The asset is available in pairs with USD Coin (USDC), Arbitrum (ARB) and other altcoins on Uniswap v3 and Orca noncustodial exchanges.