Circle, the second largest stablecoin issuer by market capitalization, has launched a Euro-backed stablecoin EURC on the Stellar (XLM) network. In a September 26 update, Circle confirmed that EURC was available to Stellar users.
Initially, the EURC stablecoin was supported by Avalanche and Ethereum networks. The expansion to Stellar marked a significant milestone for EURC to be available in multiple blockchain networks.
Circle Launches EURC on Stellar Network
In the press release, the Circle and Stellar Foundation outlined the features and the benefits of expanding EURC to Stellar. The report indicated that EURC would offer businesses and developers a cost-effective, reliable, and fast digital currency centred on the Stellar network.
Unlike other stablecoins, EURC can be traded at any time of the day at a lower cost. The launching of EURC on Stellar aimed to provide the user with instant transactions supporting foreign exchanges and remittance services.
Additionally, Circle and Stellar’s latest development seeks to attained the desired financial inclusivity. This will be attained by offering accessible financial products to individuals locked out of the conventional banking sector.
Circle Partners With Stellar Foundation
An announcement conveyed by the vice president of Circle’s product management, Rachel Mayer, revealed that the stablecoin issuer and Stellar Foundation have shared goal of promoting financial inclusivity.
The executive stated that the two companies aimed to provide mobile-first versions and near-instant payment solutions to businesses and individuals. The primary objective of the partnership between Circle and Stellar aimed at supporting victims strucked by humanitarian calamities to effortlessly access financial aid.
Mayer believes that launching EURC on the Stellar network will redefine the European financial ecosystem. The official expects Stellar-backed EURC to positively change the European remittance, treasury, cross-border, and national relief sectors.
Features of EURC
In support of Mayer’s remarks, the chief executive of Stellar Development Foundation, Denelle Dixon, announced that the expansion of EURC to the Stellar network supports establishing a solid business tie between the two.
The CEO argued that the release of Stellar-backed EURC aligns with the company’s mission statement of improving accessibility to the financial system. Dixon admitted that the EURC will provide Stellar proponents with fast and cheaper real-time settlements. Reflecting on the broad use case of Euro currency, Dixon highlighted that its digital fiat has enormous capability to enable Stellar to offer real-world utility.
Remarkably, the idea of launching the EURC on Stellar has been welcomed by the European crypto community. On September 26, Ripio, a fast-paced crypto firm in Latin America, was the first to integrate the Stellar-oriented EURC into its digital wallet. In the report, Ripio stated the integration aimed at allowing the users to deposit and withdraw using the Euro.
Community Welcomes EURC
Speaking exclusively, the chief executive of Ripio, Sebastian Serrano, revealed that integrating Stellar-backed EURC aligns with the company’s mission of onboarding masses to the crypto industry. The CEO was pleased to announce that Ripio was the first to incorporate the EURC on its trading platform. Serrano confessed that the company’s core objective is to continue nurturing the crypto ecosystem.
Recently, the Ripio team secured a license to operate in Spain. The CEO explained that in line with the company’s expansion plan to Latin America, the launching of EURC on Stellar enabled the firm to enter the European markets. In his address, Ripio’s boss expressed delight that with the recent development, Spanish users will have access to premium products, including EURC stablecoin, that offer fast and cheap transactions.
Report indicates that a stablecoin is a currency pegged to digital assets seeking to improve the Web3 ecosystem by bridging the gaps between the centralized and the decentralized payment systems. A recent report demonstrated that the stablecoin industry has grown exponentially, reaching $123.7 billion. Meanwhile the stablecoin industry is expected to maintain an upward trajectory to reach $2.8 trillion in the next five years.
Besides the growth of the stablecoin industry, the ecosystem is expected to witness significant developments to support payments, borrowing, and lending services. Currently, stablecoins pegged to the US dollar have dominated around 99% of the industry. However as the crypto sector seeks to gain shape Euro-backed stablecoins are expected to gain dominance due to the growing demand for on-chain liquidity.