Circle releases euro stablecoin on Stellar.
Circle releases euro stablecoin on Stellar.
The Expansion of Euro-Backed Stablecoins in the Blockchain Industry
Stablecoin issuer Circle has recently made waves in the blockchain industry by launching a Stellar network version of its euro-backed stablecoin, EURC. This new development opens up more possibilities for Eurozone residents to engage in blockchain transactions using their local currency. Previously, EURC was only available on the Ethereum and Avalanche networks, but now its availability on the Stellar network provides users with additional options for conducting business on the blockchain.
Stablecoins, also known as fiat-backed crypto tokens, have become an integral part of the Web3 ecosystem. These tokens offer users the ability to make payments, borrow currency, lend it out for interest, and perform other actions typically associated with fiat currencies. Notably, USD Coin (USDC) and Tether (USDT) currently rank as the sixth and seventh largest cryptocurrencies by market capitalization. However, most stablecoins are backed by the U.S. dollar, leaving users with limited options if they wish to send Web3 payments in their local currency.
To address this issue, Circle introduced a euro-backed stablecoin called EUROC on the Ethereum network in 2022. Research conducted by the Bank of International Settlements shows that the euro is the second most traded fiat currency globally, currently being utilized as the official currency in 20 European countries. This underscores the significance of having a euro-backed stablecoin option for blockchain transactions. On May 25, Circle further expanded its offering by launching a native version of EUROC on the Avalanche network, renaming it “EURC” on September 23.
The recent announcement by Circle marks yet another milestone for EURC, as it now becomes available on the Stellar network. With this expanded accessibility, Eurozone residents can conduct blockchain-based business operations using their preferred network and currency. This development offers greater convenience and flexibility by enabling users to leverage the speed, low costs, and reliability of the Stellar network without having to rely solely on the U.S. dollar.
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In line with this expansion, crypto payment provider Ripio has integrated with the new version of EURC. Ripio’s users in Spain can now effortlessly deposit and withdraw EURC using the Stellar network. Sebastian Serrano, CEO and co-founder of Ripio, expressed their excitement regarding this integration, stating that it will encourage more Spanish users to adopt cryptocurrencies as a secure and efficient payment method. This integration showcases the potential of euro-backed stablecoins in transforming the way transactions are conducted within the Eurozone.
EURC is not the only euro-backed stablecoin making waves in the blockchain industry. Stasis Euro on Cardano and Membrane Finance’s EUROe on Ethereum are other notable examples. These stablecoins illustrate the growing demand for reliable and efficient euro-based digital assets.
In conclusion, the launch of EURC on the Stellar network emphasizes the expanding reach of euro-backed stablecoins within the blockchain industry. By providing users with a wider choice of networks and currencies for conducting business on the blockchain, these stablecoins enable greater financial inclusivity and convenience. As the adoption of euro-backed stablecoins continues to rise, the blockchain industry is on a transformative path toward revolutionizing traditional financial practices and paving the way for a more inclusive and interconnected global economy.
Sources: – Circle (official announcement) – Bank of International Settlements (research publication) – Ripio (official statement)
