Circle Introduces Stellar Network Version of Euro-Backed Stablecoin EURC
Summary:
Stablecoin issuer Circle has launched a Stellar network version of its euro-backed stablecoin, EURC, expanding its availability beyond Ethereum and Avalanche networks. Stablecoins, including EURC, enable users to transact or borrow currencies on various blockchain platforms. This new development provides more options for Eurozone residents to conduct business in their local currency via the blockchain. Furthermore, Spanish crypto payment provider Ripio has integrated with this new version of EURC, promoting crypto adoption in Europe.
In a recent update issued on September 26th, Circle, a Stablecoin producer, propelled a version of its euro-pegged stablecoin, EURC, on the Stellar network. Previously, EURC was limited to the Ethereum and Avalanche platforms. As a result of Circle's step, the Stellar network will now accommodate a new currency, combining the network's renowned speed, affordability, and reliability.
Stablecoins, cryptocurrencies with values tied to traditional currencies, have become integral to the Web3 structure. They afford users the ability to transact, borrow, or loan with interest, among other economic activities related to fiat currencies on blockchain platforms. Among stablecoins, USD Coin (USDC) and Tether (USDT), both pegged to the U.S. dollar, are the sixth and seventh largest cryptocurrencies by market capitalization. Tether particularly has a significant impression on Ethereum, being its third-largest gas fee consumer.
However, there is a predominance of U.S. dollar-pegged stablecoins, leaving few options for users interested in transacting Web3 payments in their local currencies. Addressing this, Circle launched EUROC, a euro-backed stablecoin, on Ethereum in 2022. This was significant, considering the euro's position as the world's second most traded fiat currency and the official currency for 20 European countries. The company furthered this initiative by introducing a native version of EUROC on Avalanche on May 25, and later rebranded it as "EURC" on September 23.
According to the latest update, EURC has now extended across three blockchain networks. This potentially presents more alternatives for residents of the Eurozone to execute local currency transactions on the blockchain.
Crypto payment provider Ripio has incorporated the newly launched EURC version, enabling its users in Spain to deposit and withdraw EURC through the Stellar network. Sebastian Serrano, Ripio's CEO and Co-founder, expressed optimism that the move will incentivize more Spanish crypto adoptions, as the company is eager to expand its presence in Europe.
Other examples of euro-pegged stablecoins include Stasis Euro on Cardano and Membrane Finance's EUROe on Ethereum.
Published At
9/26/2023 6:48:57 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.