The EURC stablecoin (formerly known as EUROC) can now be accessed on Stellar, expanding its availability beyond Ethereum and Avalanche.
Stablecoin provider Circle has introduced a Stellar-based variant of its euro-backed stablecoin, EURC, as revealed in an announcement on September 26. Previously, EURC was exclusively accessible on the Ethereum and Avalanche networks.
Stablecoins, often referred to as fiat-backed cryptocurrency tokens, have become a crucial element within the Web3 ecosystem. They empower users to execute various fiat-currency-related actions on blockchain networks, such as making payments, borrowing currency, lending for interest, and more. Among them, the U.S. dollar-backed USD Coin (USDC) and Tether (USDT) currently rank as the sixth and seventh largest cryptocurrencies by market capitalization, respectively. It’s worth noting that Tether’s smart contract is the third-largest consumer of gas fees on the Ethereum network, as reported by Etherscan.
Most stablecoins are anchored to the U.S. dollar, which means that for users seeking to transact Web3 payments in their local currency, viable options have been somewhat limited.
In an effort to address this challenge, Circle, the issuer of USDC, took a step in 2022 by introducing EUROC, a stablecoin backed by the euro, on the Ethereum blockchain. The euro is recognized as the second most traded fiat currency globally, according to research from the Bank for International Settlements, and serves as the official currency for 20 European countries. On May 25, Circle launched a native version of EUROC on the Avalanche network, and more recently, on September 23, it underwent a name change to become “EURC.”
With this latest development, EURC is now accessible on three distinct blockchain networks, offering additional choices for residents in the Eurozone to engage in blockchain-based transactions using their native currency.
As per the announcement, crypto payment provider Ripio has seamlessly integrated with the updated iteration of EURC. This integration empowers Ripio users in Spain to deposit and withdraw EURC via the Stellar network. Sebastian Serrano, the CEO and co-founder of Ripio, expressed that this transition will likely encourage more Spanish users to embrace cryptocurrency as a preferred method of payment:
“Over the course of a decade, we’ve progressively expanded our product offerings throughout Latin America, and today, we’re poised to make our mark in Europe through this pivotal integration. We are thrilled that individuals in Spain can now effortlessly tap into digital assets such as EURC, facilitating swifter and more cost-effective global transactions.”
Examples of stablecoins pegged to the euro include the Stasis Euro (EURS) on the Cardano blockchain and Membrane Finance’s EUROe on the Ethereum network.
