According to an announcement on September 26, stablecoin issuer Circle launched EURC, a Euro-backed stablecoin based on Stellar. EURC was previously only available on the Ethereum and Avalanche networks.
Hello Europe, meet our new friend EURC #star. The same speed, low cost, and reliability of the Stellar network we know and love in an entirely new currency.
and @circleEURC, we can’t wait to see what real-world utility builders unlock next.@天灁 Taylor Break it… pic.twitter.com/eQE5sMZI2M
— Stellar (@StellarOrg) September 26, 2023
Stablecoins or fiat-backed crypto tokens have become an important part of the Web3 ecosystem. They allow users to send payments, borrow currency, lend currency for interest, and perform other fiat currency-related operations on the blockchain network. USD-backed USD Coin (USDC) and Tether (USDT) are currently the sixth and seventh largest cryptocurrencies by market capitalization, respectively. Tether’s contract is the third largest gas consumer on Ethereum. according to to Etherscan.
Most stablecoins are backed by the U.S. dollar, which means users currently don’t have many options if they want to send Web3 payments denominated in their local currency.
USDC issuer Circle is trying to help solve this problem in 2022 by launching EUROC, a euro-backed stablecoin on Ethereum.According to research publish The euro is the second most traded fiat currency globally, according to the Bank for International Settlements. It is currently the official currency of 20 countries in Europe. On May 25, Circle launched the native version of EUROC on Avalanche and went online on September 23 Rename “EUR.”
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The latest announcement means that EURC is now available on three blockchain networks, potentially giving Eurozone residents more options to conduct business on the blockchain in their local currency.
According to the announcement, crypto payment provider Ripio has integrated with the new version of EURC. Spanish users can now deposit and withdraw EURC using the Stellar network. Ripio CEO and co-founder Sebastian Serrano said the change will help encourage more Spanish users to adopt cryptocurrencies as a payment method:
“For a decade, we have expanded our offerings throughout Latin America and now we are ready to establish our footprint in Europe with this key integration. We are delighted that the people of Spain can now seamlessly access digital assets such as EURC and Enjoy faster, cheaper transactions worldwide.”
Stasis Euro (EURS) on Cardano and Membrane Finance’s EUROe on Ethereum are other examples of euro-backed stablecoins.
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