Circle’s Euro-backed stablecoin, EURC, has made its debut on the Stellar network, marking a significant development in the world of digital currencies. The integration of EURC promises to bring a host of benefits to the Stellar ecosystem, opening up exciting possibilities for users.
Empowering Stellar with EURC
At the prestigious Meridian 2023 event, Circle and the Stellar Development Foundation proudly announced the integration of EURC on the Stellar network. This exciting move positions Stellar as the third blockchain to incorporate EURC, following Ethereum and Avalanche. EURC is a fiat-backed stablecoin pegged to the Euro, ensuring a 1:1 value equivalence with the currency reserve held by Circle.
Low-Cost, Instant Global Transactions
With the introduction of EURC, European businesses and developers now have access to a powerful global digital currency that facilitates near-instant and cost-effective transactions worldwide. EURC holds the potential to serve as an alternative for foreign exchange and remittance, particularly for individuals who lack access to traditional banking services.
Rachel Mayer, VP of Product Management at Circle, emphasized the potential of EURC on Stellar to enhance various financial services, including remittances, cross-border transactions, and treasury management. She noted that the collaboration between Circle and the Stellar Development Foundation is rooted in their shared commitment to advancing financial inclusion and providing secure, mobile-first, low-cost payment solutions to people globally.
Ripio Leads the Way in Integration
One noteworthy development is that Ripio, a prominent LATAM crypto company expanding its operations to Spain, has become the first company to incorporate Stellar EURC into its crypto wallet. This integration enables Euro deposits and withdrawals, opening up new possibilities for users.
EURC’s arrival on the Stellar network has unleashed a wave of opportunities for the Stellar ecosystem. Developers, businesses, and individuals now have access to real-time payments with remarkable speed and low costs. Denelle Dixon, Stellar Development Foundation’s Executive Director, highlighted how EURC on Stellar aligns with their mission to create a more equitable global financial system.
The integration of EURC on the Stellar network represents a significant step forward in advancing the capabilities and utility of digital currencies, offering a gateway to a more inclusive and efficient financial future.
