- Circle launched EURC on the Stellar Network.
- The integration will improve the efficiency of transactions.
- EURC on Stellar is available on Latin America crypto company Ripio.
Stablecoins have stood the test of time, becoming an essential part of the cryptocurrency industry to promote stability and ease of use across the market. Leading issuer Circle, in particular, has made the rounds in recent months with the expansion of its flagship USDC stablecoin onto several blockchains.
To further amplify its presence, Circle has stepped up the integration of its second most globally traded currency-backed coin, EURC, with a new network expansion.
EURC on Stellar
During the Meridian 2023 conference on September 26th, the Stellar Development Foundation announced the integration of EURC, a fully reserved euro-denominated stablecoin on the Stellar Network, and its existing support of USDC.
The integration positions Stellar as the third network to support EURC, joining the ranks of Ethereum and Avalanche. According to the official release, the functionality will enable businesses and developers to harness the capabilities of the euro-backed stablecoin for efficient, affordable, and reliable transactions on the Stellar network, with access to real-time foreign and remittance services on a global scale.
Likewise, users can send, hold, and trade EURC around the globe, enjoying low-cost and instant transactions. Circle account holders can access on/off ramps for $EURC on Stellar, facilitating simplified transactions to network-compatible wallets.
Rachel Mayer, Circle’s VP of Product Management, emphasized the firm’s commitment to enhancing cross-border payments and treasury management across Europe. She commented, “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.”
Ripio, a Latin American crypto company, already uses the integration of EURC on Stellar. The company has added EURC on Stellar to their wallet app, enabling Euro deposits and withdrawals.
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