Circle’s Euro-backed stablecoin EURC is launched on Stellar network. The integration of EURC has unlocked massive benefits for Stellar ecosystem
At the flagship event Meridian 2023, Circle and the Stellar Development Foundation announced the integration of EURC on Stellar.
Stellar has become the third chain to integrate EURC after Ethereum and Avalanche. EURC is fiat-backed stablecoin that pegs to the Euro, and it is fully redeemable 1:1 with the currency reserve held by Circle.
With EURC, European businesses and developers are now enabled with a global digital currency that could be transferred across the globe with low-cost and near instant transactions.
The application of EURC will be used as a substitute for foreign exchange or remittance for users who do not have access to traditional banking services, according to the announcement blogpost.
Rachel Mayer, the VP of Product Management at Circle, said that the launch of EURC on Stellar can potentially improve remittance services across Europe, cross-border transactions, treasury management, and more other benefits.
“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 payment solutions to people worldwide,” said Rachel, adding, “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 newly integrated EURC on the Stellar network is already being used by Ripio, a LATAM crypto company that is now expanding to Spain. Ripio is the first company to add Stellar EURC to its crypto wallet, enabling Euro deposits and withdrawals.
EURC’s integration on the Stellar network has unlocked an opportunity for Stellar ecosystem to build Euro-stablecoin centric applications and solutions to serve a massive user base from European countries.
“Developers, businesses, and individuals will benefit from access to real-time payments with speed and low cost,” said Denelle Dixon, Stellar Development Foundation’s Executive Director, adding that “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.”