The expansion of EUROe to the Solana blockchain introduces a native euro stablecoin to the platform, enabling various use cases such as foreign exchange, euro-denominated debit card payments, and blockchain-native value storage for European users. This move also ensures compliance with the Markets in Crypto Assets (MiCA) regulations set to take effect in 2024.
EUROe, a euro stablecoin compliant with MiCA, converts traditional fiat euros into digital currency on the blockchain. It can be generated and redeemed in a 1:1 ratio without fees, accessible to EUROe Account holders. The stablecoin is backed by 100% cash reserves protected against bankruptcy and 2% CET1 equity capital in European financial institutions or banks.
Officials from Membrane Finance cited by euroe.com highlighted MiCA’s ability to improve accountability and consumer protection in the crypto asset sector. The integration of EUROe on Solana aims to support the platform’s competitiveness for various blockchain-based applications, potentially attracting businesses that faced regulatory uncertainties before.
Digital money app Wirex has announced its support for EUROe on Solana. Following this integration, Wirex users gained the ability to employ EUROe at various merchant locations across the globe. Additionally, within the Wirex app, EUROe can be instantly converted to over 100 currencies, improving Wirex’s position as an on/off-ramp solution for EUROe and showcasing Solana’s potential for everyday payments.
Officials from Wirex emphasised the flexibility that EUROe brings to users, simplifying financial management. Previously available on Ethereum, Polygon, Arbitrum One, and Avalanche, EUROe’s inclusion on Solana creates a fiat bridge between these blockchains and the traditional financial system.
EUROe and Solana
Solana aims to provide high-performance, fast transactions, and low fees while offering support for payments, foreign exchange, and emerging use cases like decentralised finance and gaming. EUROe functions as an SPL token, compatible with most existing Solana applications. While EUROe can be minted, redeemed, and bridged by EUROe account holders, anyone can transact and implement it in applications.
Membrane Finance’s CEO expressed excitement about EUROe’s potential, particularly in serving European payment needs and broader applications on Solana. He noted the team’s eagerness to see how EUROe will be utilised with user experience and interface in focus.
EUROe’s launch on Solana not only introduces a euro-denominated payment method but also aims to enable developers to build euro-denominated on-chain applications. The EUROe Account API facilitates automatic movement of euros between supported blockchains and the traditional financial system, including corporate treasury balancing.
Founded in Finland in 2021, Membrane Finance specialises in financial software and services connecting traditional finance with blockchain-based solutions. EUROe, their EU-regulated stablecoin, aims to promote financial innovation and inclusion on the blockchain through a secure money infrastructure and user-friendly applications.
