Hassan Maishera
TL;DR
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Circle’s Euro-pegged stablecoin is now available on the Stellar network.
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Stellar is now the third blockchain to host the Euro-pegged stablecoin, after Avalanche and Ethereum.
Circle’s Euro-Pegged Is Now Live On Stellar
Stablecoin issuer Circle Internet Financial has revealed that its Euro-pegged stablecoin is now live on the Stellar (XLM) blockchain. Thus, making Stellar the third blockchain Circle’s Euro-pegged stablecoin is launching, after Ethereum and Avalanche.
According to the company, Digital payments firm Ripio, which mostly provides services in Latin America, was the first to integrate EURC payments, enabling its users to deposit and withdraw the stablecoin on the Stellar network.
While commenting on this latest development, Rachel Mayer, Circle's vice president of product management, said,
“The launch of EURC on Stellar has the potential to radically enhance European remittance corridors, cross-border payments, treasury management and aid disbursement.”
The stablecoin industry has witnessed massive growth in recent years and has a total market cap of over $120 billion. Stablecoins have become crucial to the crypto ecosystem as they bridge traditional payment systems with the digital-asset economy, facilitating trading, transactions and conversion to crypto from government-issued (fiat) money.
Furthermore, stablecoins now serve as safe haven for millions of people, especially in developing countries with fragile banks and currencies, including Argentina and Turkey. Stablecoins are also used to send remittances faster and cheaper than traditional bank transfers.
Despite the popularity of stablecoins, euro-pegged stablecoins are yet to gain widespread adoption, with dollar-pegged stablecoins dominating 99% of the market.
Circle’s USDC is the second-largest stablecoin in the cryptocurrency market, just behind Tether’s USDT. the company’s EURC is currently the third-largest euro stablecoin with a $52 million supply.
