11 months ago
The EURC stablecoin (formerly EUROC) is present disposable connected Stellar successful summation to Ethereum and Avalanche.
Stablecoin issuer Circle has launched a Stellar web mentation of its euro-backed stablecoin, EURC, according to a Sept. 26 announcement. EURC was antecedently lone disposable connected the Ethereum and Avalanche networks.
Hello Europe conscionable our caller person EURC connected #Stellar. Same speed, debased cost, and reliability of the Stellar web we each cognize and emotion successful a marque caller currency.
With @circle's EURC, we can't hold to spot what real-world inferior builders unlock next.@TeanaTaylor breaks it… pic.twitter.com/eQE5sMZI2M
Stablecoins, oregon fiat-backed crypto tokens, person go an indispensable constituent of the Web3 ecosystem. They let users to nonstop payments, get currency, lend it retired for interest, and execute different fiat-currency related actions connected blockchain networks. U.S. dollar-backed USD Coin (USDC) and Tether (USDT) are presently the sixth and seventh largest cryptocurrencies by marketplace cap. Tether’s declaration the third-largest user of state fees connected Ethereum, according to Etherscan.
However, astir stablecoins are backed by the U.S. dollar. If a idiosyncratic wants to nonstop Web3 payments denominated successful their section currency, determination presently aren’t galore options.
USDC-issuer Circle attempted to help lick this problem successful 2022 by launching EUROC, a euro-backed stablecoin connected Ethereum. According to research published by the Bank of International Settlements, the euro is the 2nd astir traded fiat currency successful the world. It is presently the authoritative currency for 20 countries successful Europe. On May 25, Circle launched a autochthonal mentation of EUROC connected Avalanche, and connected September 23 it was renamed “EURC.”
Related: ABN Amro issues 5M euro integer greenish enslaved done Polygon-powered Tokeny
The latest announcement means EURC is present disposable connected 3 blockchain networks, perchance giving much options to Eurozone residents to behaviour concern connected the blockchain successful their section currency.
According to the announcement, crypto outgo supplier Ripio has integrated with the caller mentation of EURC. It present allows its users successful Spain to deposit and retreat EURC utilizing the Stellar network. Sebastian Serrano, CEO and co-founder of Ripio, said the alteration volition assistance to promote much Spanish users to follow crypto arsenic a outgo method:
“In 10 years we've been extending our products each implicit Latin America and present we're acceptable to acceptable our footprint successful Europe with this cardinal integration. We are excited that radical successful Spain present person seamless entree to integer assets similar EURC and bask faster and cheaper transactions astir the globe.”The Stasis Euro connected Cardano and Membrane Finance's EUROe connected Ethereum are different examples of euro-backed stablecoins.
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