Circle Launches EURC on Stellar Network for Real-time Global Payments
In Brief
Circle’s euro-backed digital currency is now live on the Stellar network.
EURC is a fiat-backed stablecoin and pegged 1:1 to euro under a full-reserve model.
Stellar Foundation and Circle today announced that EURC, Circle’s euro-backed digital currency, has been launched on the Stellar network.
Like USDC, EURC is a fiat-backed stablecoin and pegged 1:1 to euro under a full-reserve model. Today’s launch makes Stellar the third blockchain on which EURC is available. The stablecoin was previously launched on the Ethereum and Avalanche blockchains.
Stellar Foundation says that the introduction of EURC on the Stellar platform brings a digital representation of the world’s second most widely traded currency to the network. The organization asserts that businesses and developers can send, spend, hold and trade EURC with “low-cost, near-instant transactions.”
Hello Europe 👋 meet our new friend EURC on #Stellar. Same speed, low cost, and reliability of the Stellar network we all know and love in a brand new currency.
— Stellar (@StellarOrg) September 26, 2023
With @circle's EURC, we can't wait to see what real-world utility builders unlock next.@TeanaTaylor breaks it… pic.twitter.com/eQE5sMZI2M
The company also claims that businesses and developers can also offer global real-time foreign exchange and remittance services, extending their reach to individuals who may lack access to conventional banking facilities.
“This integration builds on our long-standing relationship with Circle, and furthers our mission of creating equitable access to the global financial system,” Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation, said in a statement.
“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,” added Rachel Mayer, Circle’s VP, Product Management.
Ripio, a Latin American cryptocurrency company expanding its operations to Spain, has already added EURC on the Stellar network into its wallet application. This integration facilitates both Euro deposits and withdrawals for users.
“In 10 years we’ve been extending our products all over Latin America and now we’re ready to set our footprint in Europe with this key integration,” said Sebastian Serrano CEO and Co-Founder of Ripio. “We are excited that people in Spain now have seamless access to digital assets like EURC and enjoy faster and cheaper transactions around the globe.”
Stellar envisions EURC to cater to customers, communities, and users who operate in euros. For instance, Stellar expects EURC to integrate with bulk disbursement and cash assistance systems, such as Stellar Aid Assist, which disburses relief funds to individuals facing crises.
EURC on Stellar aims to facilitate enhanced digital aid assistance for those impacted by humanitarian emergencies.
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About The Author
Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
