On the Solana blockchain, Membrane Finance has introduced a MiCA-compliant euro stablecoin along with Wirex-powered card payments.
EIN Presswire: Helsinki, Finland, August 23, 2023 Today, the first euro stablecoin was released on the Solana blockchain by Finnish fintech business Membrane Finance.
In anticipation of the Markets in Crypto Assets (MiCA) set to go into effect in 2024, EUROe’s expansion to Solana creates a native euro stablecoin on the blockchain, opening up new use cases for Europeans like foreign exchange, euro-denominated debit card payments, and blockchain-native value storage.
A MiCA-compliant euro stablecoin called EUROe converts fiat euros into blockchain-capable digital currency. Anyone having a EUROe Account is able to create and redeem EUROe in a 1:1 ratio without paying any fees. EUROe is supported by 2% CET1 equity capital in European financial institutions or banks and 100% bankruptcy-protected cash.
According to Patrik Elias Johansson, Compliance Officer of Membrane Finance, “MiCA brings a new level of accountability and consumer protection to the crypto asset sector, and we believe that because of the EUROe integration, Solana has now become an extremely competitive contender for an increasing number of blockchain-based applications.” Businesses who had previously been unable to expand on Solana because of regulatory, accounting, or legal ambiguity are now permitted to do so.
With more than 6 million users, the top digital currency app Wirex has proudly declared that it has supported EUROe on the Solana blockchain from the start. As a result, the huge user base of Wirex is now able to use EUROe at more than 40 million merchant locations throughout more than 200 countries and territories. Additionally, the Wirex app allows users to rapidly convert their EUROe to any of the available 100+ currencies. These characteristics not only make Wirex the optimal EUROe on/off-ramp option, but they also demonstrate Solana’s potential to take the lead among blockchains for regular payments.
With the EUROe available within the Wirex app, it assures that their users have the flexibility to manage their finances, according to Pavel Matveev, CEO and Co-Founder of Wirex. Wirex not only clarifies problems but also reshapes the future of financial interactions by adding EUROe support to Solana.
Previously, Ethereum, Polygon, Arbitrum One, and Avalanche all supported EUROe. By joining the EUROe ecosystem, Solana creates a natural fiat link between the existing financial system and all five blockchains. Juuso Roinevirta, Head of Product & Growth at Membrane Finance, says, “We are thrilled to bring EUROe to the first non-EVM blockchain, enabling frictionless capital transfers between an expanding number of hitherto siloed ecosystems.
High-performance blockchain platform Solana boasts quick finality, quick transaction speeds, and minimal costs. It is the perfect blockchain for payments and currency exchange, and it supports developing use cases like decentralized finance and gaming and has a very high degree of composability.
Since EUROe is designed as an SPL token, it is immediately compatible with the majority of Solana-based apps. While only users with a EUROe Account are able to mint, redeem, and bridge EUROe, as of right now, anyone can transact with it and utilize it in any application.
“We are pleased to introduce EUROe to Solana. It is a quick and inexpensive blockchain with a vast ecosystem. As the CEO and co-founder of Membrane Finance, Juha Viitala, says, “We are thrilled about EUROe’s ability to serve European use cases in payments as well as its broader potential in the burgeoning worldwide DeFi, NFT, and GameFi applications based on Solana. “I am personally excited to use EUROe for rapid, inexpensive global debit card payments using Solana and transactions in euro. The entire Membrane Finance team is eagerly anticipating how EUROe will be used on the blockchain with category-leading UX & UI, he says.
“We are pleased to introduce EUROe on Solana. Stablecoins are a crucial component of the transformation to blockchain-powered financial infrastructure. Blockchain technology should be available to Europeans to utilize in their currency. We are pleased that a company situated in the EU and subject to EU regulation is introducing Solana’s first euro stablecoin to the ecosystem. We think Solana is well-positioned for success in the EU thanks to a solid basis provided by EUROe, says Viitala.
The introduction of EUROe on Solana signals much more than just a secure, regulated, and euro-denominated payment option. Developers can use the EUROe Account API to automatically transfer euros between compatible blockchains and the conventional financial system in addition to building euro-denominated on-chain applications. The EUROe Account API, among other things, provides automatic corporate treasury balancing to guarantee adequate money both on- and off-chain. With EUROe, transferring euros between Solana and the SEPA system only requires one API call.
The Membrane Finance team welcomes developers to dev.euroe.com to learn more about creating with EUROe and business users to euroe.com/get-started to create an account. On https://dev.euroe.com/docs/Stablecoin/contract-addresses, you may find contract addresses.
