Circle Launches Stablecoin EURC on Stellar Network
Circle and Stellar announce integration of EURC stablecoin on third blockchain network, joining Ethereum and Avalanche.
During the Meridian 2023 event, Circle and the Stellar Development Foundation jointly announced the integration of EURC on the Stellar platform. Stellar now joins Ethereum and Avalanche as the third blockchain network to support EURC. This stablecoin, pegged 1:1 with the Euro, ensures that every token in circulation is backed by an equivalent reserve held by Circle.
Hello Europe ???? meet our new friend EURC on #Stellar. Same speed, low cost, and reliability of the Stellar network we all know and love in a brand new currency.
With @circle's EURC, we can't wait to see what real-world utility builders unlock next.@TeanaTaylor breaks it… pic.twitter.com/eQE5sMZI2M — Stellar (@StellarOrg) September 26, 2023
Both Circle and the Stellar Development Foundation share a commitment to advancing financial inclusion worldwide. Rachel Mayer, Circle's VP of Product Management, emphasized this shared vision, stating that their combined efforts would ensure secure access to aid, especially for those affected by humanitarian crises.
"The bedrock of Circle's deep alliance with the Stellar Development Foundation is our shared commitment to advancing financial inclusion and offering mobile-first, near-instant, and low-cost payments solutions to people worldwide."
EURC is now accessible on its third blockchain network, adding to its existing availability on Ethereum and Avalanche. Stellar has become the latest blockchain network to support this stablecoin. The application of EURC will be used as a substitute for foreign exchange or remittance for users who do not have access to traditional banking services.
The introduction of EURC on Stellar brings lots of benefits:
- Global Reach with Local Currency: European businesses and developers now have a digital currency that facilitates global transfers, ensuring near-instant transactions at minimal costs.
- Enhanced Remittance Services: The launch can potentially elevate remittance services across Europe, streamline cross-border transactions, and optimize treasury management.
Ripio, a prominent crypto company from Latin America, has already integrated EURC on the Stellar network as it expands its operations to Spain. As the first company to incorporate Stellar's EURC into its crypto wallet, Ripio users can now seamlessly deposit and withdraw Euros.
"Being the first company to list EURC on Stellar strengthens Ripio's mission of accelerating crypto adoption and contributing significantly to the development of the ecosystem. In 10 years, we've been extending our products all over Latin America and now we're ready to set our footprint in Europe with this key integration."
The integration of EURC on Stellar paves the way for the development of Euro-stablecoin-centric applications, catering to a vast European user base. Denelle Dixon, Stellar Development Foundation's Executive Director, envisions a future where developers, businesses, and individuals can leverage real-time payments, combining speed with affordability.