Circle Unveils EURC on the Stellar Network to Enable Instant Global Transactions
In Brief
Circle’s euro-backed digital currency has officially gone live on the Stellar network.
EURC operates as a stablecoin backed by fiat, maintaining a 1:1 peg to the euro under a fully-reserved model.
The Stellar Foundation and Circle made a significant announcement today, EURC Circle’s euro-backed digital currency has made its debut on the Stellar network.
Similar to USDC, EURC is a fiat-supported stablecoin, pegged 1:1 to the euro, established under a full-reserve framework. With today’s release, EURC now operates on three distinct blockchains: Stellar, Ethereum, and Avalanche blockchains.
The Stellar Foundation emphasizes that EURC's arrival offers a crucial digital form of the euro, enhancing the Stellar ecosystem. They highlight that businesses and developers will benefit from the ability to send, spend, hold, and trade EURC via cost-efficient, nearly instantaneous transactions.
Greetings to Europe 👋 introduce yourself to our new companion, EURC on #Stellar It shares the same rapid transaction speed, affordability, and dependability we've come to love about the Stellar network - now with a fresh new currency.
— Stellar (@StellarOrg) September 26, 2023
With @circle \"With EURC on board, we eagerly anticipate the innovative real-world applications that builders will unveil next.\" @TeanaTaylor breaks it… pic.twitter.com/eQE5sMZI2M
The company asserts that not only businesses and developers benefit, but they can also provide global real-time currency exchange and remittance solutions, reaching those individuals often excluded from traditional banking.
"This partnership enhances our ongoing collaboration with Circle and moves forward our goal of fostering fair access to the global financial ecosystem,\" commented Denelle Dixon, CEO and Executive Director at the Stellar Development Foundation, in a public statement.
"Our joint efforts aim to ensure that victims of humanitarian crises can securely receive assistance, even while relocating or when local services are compromised,\" added Rachel Mayer, VP of Product Management at Circle.
Latin American cryptocurrency firm Ripio, which is expanding to Spain, has embraced EURC on the Stellar network within its wallet application. This allows for seamless euro transactions for users.
"After a decade of extending our services throughout Latin America, we are excited to establish our presence in Europe with this strategic integration,\" remarked Sebastian Serrano, CEO and Co-Founder of Ripio. \"Now residents in Spain can enjoy smooth access to digital assets like EURC and benefit from faster, more affordable transactions worldwide.\"
Stellar aims to tailor EURC for users, communities, and individuals engaged in euro transactions. For example, they expect EURC will mesh well with bulk disbursement and cash aid systems like Stellar Aid Assist, which allocates emergency funds to those in need.
EURC on Stellar is intended to bolster digital aid initiatives for individuals caught in humanitarian crises.
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