Finnish fintech company Membrane Finance has launched the first euro stablecoin on the Solana blockchain. Named EUROe, the stablecoin is expected to be fully MiCA-compliant, aligning with the Markets in Crypto Assets regulations set to take effect in 2024.
Membrane finance introduces EUROe, Solana’s first euro stablecoin
The launch of EUROe on Solana marks a major step forward in the integration of fiat euros into blockchain-enabled digital money. Also, the stablecoin can be created and redeemed in a 1:1 ratio without fees by anyone with a EUROe account and is backed by 100% bankruptcy-protected cash and 2% CET1 equity capital in European financial institutions or banks.
Membrane Finance’s Compliance Officer, Patrik Elias Johansson, emphasized the importance of MiCA’s regulatory standards, stating, “MiCA brings a new level of accountability and consumer protection to the crypto asset sector.” He further expressed confidence that Solana has now become an extremely competitive contender for an increasing number of blockchain-based applications.
Solana’s high-performance blockchain platform, known for its fast transaction speeds, quick finality, and low fees, makes it an ideal choice for payments and foreign exchange. The addition of EUROe to Solana opens a native fiat bridge between five blockchains, including Ethereum, Polygon, Arbitrum One, and Avalanche, and the traditional financial system.
Wirex, a leading digital money app with over 6 million users, also announced its support for EUROe on the Solana blockchain from day one. This support means that Wirex’s vast user community can now use EUROe at more than 40 million merchant locations across over 200 countries and territories. Within the Wirex app, EUROe can be instantly converted to any of the 100+ currencies available.
Pavel Matveev, CEO and Co-Founder of Wirex, commented on the flexibility and future potential of EUROe, stating that it not only simplifies complexities but also reshapes the future of financial interactions.
The launch of EUROe on Solana heralds more than a euro-denominated and regulated payment method. It signifies a significant advancement in the transition towards blockchain-powered money infrastructure. The EUROe Account API enables automatic corporate treasury balancing and seamless movement of euros between Solana and the SEPA system, making it as easy as a single API call.