EURC (formerly EUROC) is now available on Stellar as well as Ethereum and Avalanche. According to a September 26 release, stablecoin issuer Circle has created a Stellar-based version of their EURC-backed stablecoin. Previously, EURC was only available on the Ethereum and Avalanche networks.
Stablecoins, also known as fiat-backed crypto tokens, have become an important part of the Web3 ecosystem. On blockchain networks, they enable users to transmit payments, borrow currency, lend it out for interest, and do other fiat-currency-related tasks. The US dollar-backed USD coins are now the sixth and seventh largest cryptocurrencies in terms of market capitalization. According to Etherscan, Tether’s contract is the third-largest consumer of fuel fees on Ethereum.
Most stablecoins are backed by the US dollar, so if a user wants to send Web3 payments in their local currency, there aren’t many possibilities right now. Circle, the issuer of USDC, attempted to address this issue in 2022 by creating EUROC, a euro-backed stablecoin on Ethereum. According to Bank of International Settlements statistics, the euro is the world’s second-most traded fiat currency. It is currently the official currency of 20 European countries. Circle released a native version of EUROC on Avalanche on May 25, and on September 23, it was called “EURC.”
The latest announcement means that EURC is now available on three blockchain networks, possibly giving euro zone inhabitants more alternatives for conducting blockchain transactions in their own currency. Ripio, a crypto payment provider, has integrated with the new version of EURC, according to the statement.
The Stasis Euro (EURS) on Cardano and Membrane Finance’s EUROe on Ethereum are other examples of euro-backed stablecoins. It now allows its Spanish customers to deposit and withdraw EURC over the Stellar network. According to Sebastian Serrano, CEO and co-founder of Ripio, the change would encourage more Spanish customers to embrace cryptocurrency as a payment method:
“In the last ten years, we’ve expanded our products throughout Latin America, and now we’re ready to establish our footprint in Europe with this key integration.” We are thrilled that customers in Spain now have seamless access to digital assets like EURC and may enjoy faster and cheaper global transactions.” Another example of a euro-backed stablecoin is Stasis Euro (EURS) on Cardano and Membrane Finance’s EUROe on Ethereum.