American fintech giant, Circle has launched its new Euro-backed stablecoin, EURC on the Stellar blockchain.
EURC was launched last year on Ethereum and then Avalanche in May this year. The stablecoin was launched as a way to bring more efficient and faster payment and other financial services to developers and users.
Circle has a multichain strategy for making EURC available to users around the world, and its launch on Stellar is another big step towards achieving this. With its Stellar launch, businesses and developers can now leverage a global euro digital currency that comes with the speed, affordability, and reliability of the Stellar network.
They can send, spend, hold, and trade EURC around the globe 24/7, with low-cost, near-instant transactions. Commenting on the launch, Rachel Mayer, Circle’s VP, Product Management said:
“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.”
“Together, we are working to ensure that those affected by humanitarian disasters can securely access aid, even when on the move, or when on-the ground services have been critically impacted. The launch of EURC on Stellar has the potential to radically enhance European remittance corridors, cross-border payments, treasury management, and aid disbursement,” she added.
EURC is the second stablecoin issued by Circle. The company is already known as the issuer of dollar-backed stablecoin, USDC which is one of the most popular stablecoins used in the crypto industry. Consequently, it has the second largest market share after Tether’s USDT.
Bringing Real World Utility to Stellar Users
Stellar is one of the leading crypto payment networks. It rivals Ripple with its transaction speed and efficiency, and serves several corporate clients around the world. The launch of EURC on the network provides another option to further expand the scope of services for Stellar users.
According to the CEO and Executive Director of the Stellar Development Foundation, Denelle Dixon, this adds another layer of services to the high-quality payment network that Stellar users already enjoy.
“This integration builds on our long-standing relationship with Circle, and furthers our mission of creating equitable access to the global financial system,” Denelle said.
“Developers, businesses and individuals will benefit from the access to real-time payments with speed and low cost. EURC on Stellar, which represents one of the most widely used global currencies, brings yet another way to provide real-world utility to Stellar users, in pursuit of our mission to create a more equitable global financial system” she added.
Ripio Adds EURC on Stellar
Following the addition of EURC to the Stellar blockchain, ecosystem companies are already putting the stablecoin to use. Leading Latin American crypto company, Ripio considers the development timely as it expands to Spain. The company has become the first to EURC on Stellar to their wallet app, enabling Euro deposit and withdrawal.
“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.”
“We are excited that people in Spain now have seamless access to digital assets like EURC and enjoy faster and cheaper transactions around the globe,” said Sebastian Serrano, CEO and Co-Founder of Ripio.