The world of stablecoins has received a boost with the launch of EURC on the Stellar blockchain. Circle announced this during Meridian 2023, an event hosted by Stellar in Madrid, Spain.
This exciting expansion promises to revolutionize global access to the Euro, opening up new horizons for digital finance and foreign exchange.
EURC by Circle is a euro-backed stablecoin issued under a full-reserve model. It is designed to adhere to the same regulatory and operational standards as USDC. Similar to USDC, the EURC is fully backed by reserves of euro.
The stablecoin gives businesses wider access to euro liquidity, which can be used for payments, trading, lending, and borrowing.
Businesses can use EURC tokens to easily move euro liquidity on-chain, accept and make euro payments globally that can settle in minutes, and access crypto capital markets for trading, borrowing, lending, and more.
Stellar is an open-source, decentralized protocol for digital currency to fiat money low-cost transfers which allows cross-border transactions between any pair of currencies. It is a distributed ledger used to transmit digital currencies.
Stellar is designed to enable the creation, transmission, and trading of digital representations of various forms of currency, including dollars, pesos, bitcoin, and more. The main token of the Stellar blockchain is Stellar lumens or XLM.
Stellar’s API and SDKs are ready to help developers transform the world of finance, and the network’s currency connections could give even a small company the power and reach of an international bank
According to Circle, the stability makes it an attractive choice for users seeking a secure and reliable digital representation of the Euro.
With the addition of EURC to the Stellar blockchain alongside the USD-pegged stablecoin, USDC, users now have access to a multi-currency digital finance ecosystem.
It added that developers now have a powerful tool for creating innovative financial solutions on the Stellar network.
By leveraging both USDC and EURC, they can create faster, more cost-effective options for sending, spending, saving, and lending money on a global scale.
Furthermore, it said that alongside LOBSTR, a Stellar-based wallet, RipioApp, a leading fintech application, has swiftly integrated EURC on Stellar.
RipioApp enables users to send payments and remittances across Latin America and Spain with settlements taking just seconds. Additionally, RipioApp users can effortlessly swap between USDC and EURC on the platform’s user-friendly exchange.
