Finnish fintech company launches first Euro stablecoin on Solana

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.

Timeline of Solana

According to an August 24 Forbes report, the Drug Enforcement Administration (DEA) recently made a costly and embarrassing mistake in the handling of cryptocurrency seized during a narcotics investigation. Federal agents fell victim to a relatively common “address poisoning” scam.

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.

Following the recent downtrend in the crypto market, Solana's native token, SOL, recorded heavy losses in the past few days. But now the token's price moves on the daily chart showed the formation of a green candlestick yesterday after many days of posting vivid red ones.

Solana Pay has partnered with Shopify for an integrated payment solution in a move that could shake up the crypto industry, or at the very least, the payments sector. Solana Pay is a near-zero gas fee, free-to-use platform built on Solana's popular blockchain.

Solana is back in the green after ‘walking' on eggshells since late last week. At least half of the gains accrued from June's low of $12.80 washed down the drain with SOL extending the rout from the July high of $32.24 to the current support in August at $20.

Solana Pay, a decentralized payment protocol developed by Solana Labs, has made a significant stride by integrating its plug-in with Shopify. This integration allows millions of businesses on Shopify's platform to accept payments in USDC, the second-largest stablecoin with a market capitalization of $25.9 billion.

Solana Pay will be integrating with Shopify, one of the world's biggest e-commerce platforms in the world for a new payment function. The Solana Foundation, creators of Solana Pay, says in an announcement that the protocol will now be included as a payment option on Shopify.

Solana Pay, the payment protocol built on the Solana blockchain, is now plugged into e-commerce giant Shopify, allowing users to pay in USD Coin (USDC), the companies announced Wednesday.

A recent report from Techcrunch noted the integration between Solana and Shopify. One of the largest marketplaces in the world, the cooperation will enable millions of businesses and customers to use digital assets for their purchases.

E-commerce giant Shopify untapped the potential of crypto market in payments with the latest announcement on the integration of Solana Pay for Solana-compatible USD stablecoins like the USDC, offered by Circle. Considering the massive share of e-commerce market the platform controls, this could likely be the beginning of a massive shift towards crypto payments.